Why has Embraer's CFO Stepped Down From the Business?
Antonio Carlos Garcia is stepping down as CFO of aircraft manufacturer Embraer to take up the top finance position at Brazilian carrier Azul, marking a significant leadership transition between two major players in Latin America's aviation sector.
Garcia will assume the CFO and Investor Relations Officer role at Azul from 20 April, pending board approval.
He will succeed Alexandre Malfitani, one of Azul's founders, who has been instrumental in restructuring the airline's financial position.
Antonio joined Embraer in 2020 and led the company's financial operations through the disruption of COVID-19 and subsequent recovery period.
During his tenure, Embraer reported record revenues of US$7.6bn in 2025, representing an 18% increase year-over-year and nearly 40% growth compared to 2019 performance.
Embraer CEO Francisco Gomes Neto will serve as interim CFO until Garcia's replacement is confirmed.
Efficiency, production and strategic growth
Embraer, positioned as the world's third-largest planemaker, has implemented new approaches to address supply chain disruptions stemming from the pandemic and raw material shortages.
The company has deployed real-time monitoring systems to track supplier compliance across multiple regulatory frameworks.
This automation approach reduces the need for manual oversight while potentially improving compliance consistency across international operations.
These efficiency measures have supported Embraer's increased aircraft delivery projections in recent years, with the manufacturer targeting 100 annual commercial aircraft deliveries by 2028.
"The delivery outlook range we've been providing the market has allowed us to deliver what we promise, despite all the challenges in the supply chain," Francisco says in an interview with Reuters, discussing the airline's delivery ambitions.
"Embraer will continue to grow. We have orders to deliver, there is a backlog, and our production slots are practically closed for 2026 and 2027 and partially for 2028. The challenge now is delivering the aircraft," he adds.
Francisco acknowledged Antonio's contribution to the business, noting he was instrumental in "strengthening financial discipline, enhancing the company's relationship with the capital markets, and supporting solid results".
He stated the leadership change would not impact current company strategy, operations or financial commitments.
Azul CEO John Rodgerson said of Garcia's appointment: "[Antonio will] play a key role in helping us navigate and accelerate the next phase of the new Azul."
Restructuring at Azul
Azul is moving beyond a Chapter 11 restructuring process that began in May 2025, which resulted in substantial reduction of the airline's debt obligations, particularly through renegotiated aircraft lease liabilities. The carrier is now reconfiguring its capital structure as it enters its post-restructuring phase.
News of Antonio's move to Azul and the leadership adjustment at Embraer prompted investor interest, with Azul's shares rising by approximately 1.6%, while Embraer's stock increased by around 1%.
The appointment of a CFO with original equipment manufacturer (OEM) experience to lead finance at a major airline operator could indicate emerging interest across the sector for OEM-informed financial approaches, particularly as carriers contend with escalating maintenance expenditure and supply chain constraints.
Addressing how Antonio's OEM background could inform Azul's operational and maintenance strategy, John says: "[Antonio's] experience at Embraer, one of our most important partners, gives him unique insight into our business."
Antonio reflected on his period at Embraer, characterising his time there as one of "intense transformation, challenge and growth."
"Together, we navigated complex moments, made disciplined and often difficult decisions, and contributed to a turnaround that stands among the most meaningful achievements of my career," he wrote on LinkedIn. "Now, it's time to challenge myself again," he adds.
