8-KLeadership ChangesRegulation FDExhibits & Filings

MERCADOLIBRE INC 8-K Report, Executive Changes (May 4, 2011)

Filed May 4, 2011For Securities:MELI

Summary

This Current Report (8-K) filed by MercadoLibre, Inc. on May 4, 2011, primarily announces a significant change in its executive leadership. The company's Chief Financial Officer, Hernán Kazah, has resigned effective May 31, 2011. Mr. Kazah will remain with the company for a transition period extending into the second half of 2011, during which he will continue to receive his base salary but will not be eligible for long-term retention plans. In a strategic move to ensure continuity, the Board of Directors has appointed Pedro Arnt, currently Vice President of Strategic Planning, Treasury & Investor Relations, to succeed Mr. Kazah as Executive Vice President and Chief Financial Officer, effective June 1, 2011. Mr. Arnt's appointment comes with a base salary of approximately $248,546 for 2011 and eligibility for an annual performance bonus of up to 115% of his base salary. This transition is accompanied by a press release issued on May 4, 2011, detailing these changes.

Key Highlights

  • 1Resignation of CFO Hernán Kazah, effective May 31, 2011.
  • 2Hernán Kazah to remain with the company for a transition period in the latter half of 2011.
  • 3Appointment of Pedro Arnt as the new Executive Vice President and Chief Financial Officer, effective June 1, 2011.
  • 4Pedro Arnt's initial annual base salary set at approximately $248,546 for 2011.
  • 5Pedro Arnt is eligible for an annual performance bonus of up to 115% of his base salary.
  • 6The resignation of the CFO is stated to be without disagreement on company matters.
  • 7A press release was issued on May 4, 2011, to announce these executive changes.

Frequently Asked Questions

The filing states that the resignation of CFO Hernán Kazah is not due to any disagreement with the Company on any matter relating to its operations, policies, or practices.

Pedro Arnt, who previously served as Vice President - Strategic Planning, Treasury & Investor Relations, has been appointed as the new Executive Vice President and Chief Financial Officer.

Pedro Arnt's compensation for 2011 includes an annual base salary of approximately $248,546 and eligibility for an annual performance bonus of up to 115% of his base salary. The base salary will be paid in local currency.

While Mr. Kazah's resignation is effective May 31, 2011, he will remain with the Company as an employee for a transition period expected to conclude in the second half of 2011. During this period, he will continue to be paid his current base salary but will not participate in long-term retention plans.