Embraer Announces CEO Succession

Following shareholder approval of the transaction with Boeing, Embraer has confirmed that the current President and CEO of the company, Paulo Cesar de Souza e Silva, will end his two-year term on 22 April 2019.

The future President and CEO, to be elected for the next term, will be recruited externally and is expected to be announced on or before the Ordinary General Assembly on 22 April.

"Paulo Cesar idealized the partnership with Boeing and led the negotiation process of the transaction that will bring Embraer and Brazil to a much more competitive and prominent level in the global aviation industry," said Alexandre Silva, Chairman of the Board.

Paulo Cesar has been with Embraer for 22 years, coming from the financial market to structure the company's sales financing area. For six years he was President and CEO of Commercial Aviation and in 2013 launched the E2 Program.

In 2016, Paulo Cesar became President and CEO of the Embraer Group, with a mission to make the company more efficient, competitive and better prepared to face structural changes in the global aviation market.

His administration established three key initiatives focused on value creation and the sustainability of the company. The first was the transaction with Boeing. The second was the creation of the Passion for Excellence program, a structural transformation project focused on reducing costs and increasing operational efficiency, generating significant annual recurring savings. The third was the creation of EmbraerX, responsible for disruptive innovation and the development of opportunities for the future, such as eVTOL (electric vertical take-off and landing vehicle), a project that Embraer says "will revolutionize urban transport" in partnership with Uber.

"Without the support of the Board and Embraer's 18,000 employees and colleagues, none of our achievements would have been possible," said Paulo Cesar. "We are challenged to remain at the forefront of engineering and operations. In Executive Aviation and Defense, and with the KC 390 joint venture with Boeing, we will expand our international competitiveness and everything indicates that we will have another 50 years of success ahead ... I am sure that the new leadership of the company will find fertile ground ahead to expand and consolidate Embraer."

Paulo Cesar has been invited to be a Senior Advisor to the Board, with the task of facilitating the integration of the future President and CEO and advising the Board on the monitoring of assets and resources segregation, an integral part of the process of concluding the partnership with Boeing.

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