Stelleo Tolda, one of Mercado Libre‘s co-founders and the main name ahead of the e-commerce platform’s operation in Brazil, will leave the role of president at the company as of April 1 this year. Tolda will become a strategic advisor to Mercado Libre.
“Under this new role, Tolda will continue to contribute his strategic vision and valuable experience to support the company’s Management and Board,” Mercado Libre said in a statement.
Ariel Szarfsztejn, current senior VP of logistics and supply chain will assume as president of commerce; Fernando Yunes, senior VP of Mercado Libre, and Tulio de Oliveira, VP at Mercado Pago, will continue to lead the Brazil operation.
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Mercado Libre is now the largest company in Latin America, with a $50 billion market value. In Q3 2021, the company reported a net income of $95.2 million, six times higher than reported in the previous year’s third quarter. Net revenue came in at $1.9 billion, up 72.9% from the same period in 2020.
Last year, Mercado Libre also focused on expanding its financial services offering through its Mercado Pago unit. Recently, the company bought a stake in 2TM Group, parent of crypto unicorn Mercado Bitcoin, a platform for buying and selling cryptocurrencies, and announced a strategic investment in Paxos, a regulated blockchain infrastructure platform.
The 2021 consolidated financial results will be released to the market on February 16.
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Read the full statement:
Since Mercado Libre’s founding in 1999, we have had the conviction to build a world-class company that transcends and endures beyond its founding team. In this context, 22 years later, as part of the evolution of his personal and professional life, as well as of our organization, Stelleo Tolda will step down as President of Commerce at Mercado Libre and become “Strategic Advisor” as of April 1, 2022. Under this role, Tolda will continue to contribute his strategic vision and valuable accumulated experience to support the company’s Management and Board. Mercado Libre is currently the most valuable company in Latin America and maintains absolute leadership in Brazil, thanks to the invaluable contribution of people like Stelleo. We are convinced that his contribution has not only been fundamental to the growth of Mercado Libre, but has also been key to the development of e-commerce in Brazil and throughout the region. His regional role as Mercado Libre’s President of Commerce for Latin America will be filled by Ariel Szarfsztejn, currently Senior Vice President of Logistics and Supply Chain. While Fernando Yunes, Senior Vice President of Mercado Libre and Tulio de Oliveira, Vice President of Mercado Pago, will continue to lead the local operation.