8-KLeadership Changes

MERCADOLIBRE INC 8-K Report, Executive Changes (Feb 26, 2009)

Filed February 26, 2009For Securities:MELI

Summary

This 8-K filing announces a significant change in MercadoLibre, Inc.'s (MELI) executive leadership. Effective April 1, 2009, the current Chief Financial Officer, Nicolás Szekasy, will resign from his position but will remain with the company in a part-time capacity to ensure a smooth transition until the end of 2009. This departure is not due to any disagreements with the company's operations or policies. In response to this change, the company has appointed Hernán Kazah, currently the Chief Operating Officer, to succeed Mr. Szekasy as the new Chief Financial Officer. Stelleo Tolda, previously Senior Vice President and Country Manager—Brazil, will step into the role of Chief Operating Officer. The filing also details a salary adjustment for Mr. Tolda, reflecting his new responsibilities, with an 18% increase in his base salary for 2009 and eligibility for a performance bonus.

Key Highlights

  • 1Chief Financial Officer Nicolás Szekasy to resign effective April 1, 2009, but will assist with transition until December 31, 2009.
  • 2Departure of CFO is amicable and not due to disagreements with company policies or practices.
  • 3Hernán Kazah appointed as the new Executive Vice President and Chief Financial Officer.
  • 4Stelleo Tolda appointed as the new Executive Vice President and Chief Operating Officer.
  • 5Stelleo Tolda's 2009 base salary increased by 18% to approximately $210,600.
  • 6Stelleo Tolda eligible for an annual performance bonus of up to 115% of his 2009 base salary.
  • 7Compensation for other executive officers remains unchanged from 2008.

Frequently Asked Questions

Nicolás Szekasy is resigning as Executive Vice President and Chief Financial Officer effective April 1, 2009. He stated that his resignation is not due to any disagreement with the Company on any matter relating to its operations, policies, or practices. He will remain with the Company in a part-time capacity to aid in the transition.

Hernán Kazah, formerly Executive Vice President and Chief Operating Officer, will become the new Executive Vice President and Chief Financial Officer. Stelleo Tolda, previously Senior Vice President and Country Manager—Brazil, will be appointed as the new Executive Vice President and Chief Operating Officer. Both appointments are effective April 1, 2009.

Stelleo Tolda's 2009 annual base salary has been increased by approximately 18%, from about $176,800 in 2008 to approximately $210,600 for 2009. He will also be eligible for an annual performance bonus of up to 115% of his 2009 base salary.

No, the filing states that the terms of the 2009 compensation package for the Company's other executive officers remained unchanged from 2008.