The e-commerce giant’s co-founder and leader of the platform’s Brazilian operation will exit the chief executive role on April 1, but will remain as a strategic advisor to Mercado Libre after that date.

Tolda will be replaced by Ariel Szarfsztejn, who is currently Mercado Libre’s senior vice president of shipping and previously worked as vice president of strategy and corporate development at the company.

Meanwhile Fernando Yunes, senior vice president of Mercado Libre and Tulio de Oliveira, vice president at Mercado Pago, will lead the company’s Brazilian operation.

Founded in 1999 in Buenos Aires, Mercado Libre is Latin America’s leading e-commerce company. According to its latest financial report, the company recorded revenues of $1.9 billion for its third quarter, representing a year-on-year increase of 72.9 percent compared to the same period in 2020.

Mercado Libre has a presence in 18 countries, making it an important e-commerce partner for global brands like Guess, Adidas, Nike, Estée Lauder and L’Oréal across Latin America. Its active user base grew 3.4 percent year-on-year from 2020 to 2021, to 78.7 million.

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Mercado Libre to Invest $740 Million in Brazil

Mercado Libre will invest $740 million in Brazil, in part to enhance logistics and operations. The move is expected to generate 5,000 jobs in the state of São Paulo and employ a further 2,000 in other parts of the country by the end of the year.