How Will Embraer's CFO Departure Impact Financial Growth?

Embraer CFO Antonio Carlos Garcia has announced plans to step down from his financial leadership role at plane manufacturer Embraer, and is set to join Brazilian airline Azul as its top financial executive.

He will assume the CFO and Investor Relations Officer role at Azul, with his appointment effective 20 April, subject to board approval. He will replace Alexandre Malfitani, one of Azul’s founders, who played a key role in reshaping the financial structure of the company.

Antonio first joined Embraer in 2020 where he oversaw the airline’s financial transformation and growth during and after COVID-19.

Under his leadership, the company reported record revenues of US$7.6bn in 2025, an increase of 18% year-over-year and by nearly 40% compared to its performance in 2019.

Antonio’s role will be assumed by Embraer CEO Francisco Gomes Neto, who will act as interim CFO until Antonio’s successor has been appointed.

Strengthening financial discipline

Navigating supply chain hurdles caused by the global pandemic and shortages of raw materials, Embraer, the world’s third-largest planemaker, has explored new methods to avoid further challenges, such as real-time monitoring of supplier compliance across multiple regulatory frameworks.

This method of automation reduces manual oversight requirements while improving compliance consistency across global operations.

Using techniques like this to improve efficiency, Embraer has been able to increase its aircraft delivery targets over the past few years, with plans to reach 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,” Franciso said 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 added.

Francisco also thanked Antonio, saying he was instrumental in “strengthening financial discipline, enhancing the Company’s relationship with the capital markets, and supporting solid results”. He also added that the leadership transition would not affect existing company strategy, operations or financial commitments.

Discussing Antonio’s appointment as CFO, CEO of Azul John Rodgerson says: “[Antonio will] play a key role in helping us navigate and accelerate the next phase of the new Azul.”

Azul is emerging from a Chapter 11 restructuring process initiated in May 2025, which led to a significant reduction in the company’s debt burden, particularly through the renegotiation of aircraft lease liabilities.

The airline is now repositioning its financial structure as it moves into its post-restructuring phase.

Informing operational approach

The announcement of Antonio’s new role at Azul and the changes at Embraer have been met with investor curiosity, with Azul’s shares rising to approximately 1.6%, while Embraer’s stock increased to around 1%.

While the leadership move is financial in nature, the decision to appoint Antonio, previously CFO for an original equipment manufacturer (OEM), as CFO for a major airline company, suggests a growing interest across the industry for OEM-informed financial strategies, particularly as global airlines grapple with rising maintenance costs and supply chain bottlenecks.

Discussing this trend and how Antonio’s time at an OEM will inform Azul’s approach to operations and maintenance, John adds: “[Antonio’s] experience at Embraer, one of our most important partners, gives him unique insight into our business.”

Antonio reflects on his time at Embraer, describing his tenure 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,” the executive wrote on LinkedIn. “Now, it’s time to challenge myself again,” he adds.