The founder and CEO of Mercado Libre, an online marketplace often described as the Amazon of South America, has decided to call it quits after 26 years.
In a letter to employees publicly released late Wednesday, Marcos Galperin said he will hand over his position to Ariel Szarfsztejn, the current president of commerce, on Jan. 1 and take on the role of executive chairman.
Galperin said he will remain closely involved at Meli (NASDAQ: MELI), the company’s shorthand name, focusing on strategy, product development, culture, capital allocation, special projects and how to apply artificial intelligence to the business.
Szarfsztejn joined Latin America’s dominant e-commerce platform in 2017 and led development of the company’s logistics network throughout the region. For the past three years he has led the consumer-facing marketplace. Previously, he held executive positions in the hotel industry, and also worked at The Boston Consulting Group and Goldman Sachs.
“This is a generational change, and I know that Ari, along with the talented team that has supported me, has everything it needs to ensure Meli continues to grow strongly in the coming decades, continuing our mission to democratize e-commerce and financial services in the region,” Galperin wrote.
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