Brazil. WEG announced to its shareholders and the market at large that, as approved at the extraordinary meeting of the Board of Directors held on December 7, 2023, Harry Schmelzer Jr. will step down as CEO on March 31, 2024, after 16 years at the helm of the WEG Group.
Alberto Yoshikazu Kuba, an executive with more than 21 years of experience at the company and current general manager of the Industrial Electric Motors division, will be appointed as successor, with effect from 1 April 2024.
Kuba, 44, is an electrical engineer with a specialization in business management, having developed his career in the company in the areas of sales of industrial electric motors in Brazil between 2004/2009 and, for 10 years, in China, where he worked in the commercial area between 2010-2015, then assuming the position of general director of local operations until 2019. returning to Brazil in 2020, when he assumed his current position.
"Gratitude is the essence that permeates my journey at WEG. I am grateful to the extraordinary team that stood by my side. Together and aligned with WEG's culture, we face challenges, celebrate victories and build a successful path that will be marked in the future," said Schmelzer.
"History of the company. I conclude my career as CEO very proud of all that we have achieved together. To Kuba, I wish you success, wisdom, foresight, and resilience in business leadership. I am confident that the future of the company will be as bright as the road. We've come so far," he remarked.
After the Board of Directors' deliberations, representatives of the controlling shareholder reported that they will propose Schmelzer's name for the company's Annual Shareholders' Meeting to be held in April 2024, for one of the positions on the Board.
Schmelzer's career at the helm of the company achieved full recognition within the organization for his boldness, dedication and ability to deliver remarkable results over 16 years, backed by numerous awards from different entities, business forums and specialized press.
He was also able to understand and replicate the culture of the company's founders for more than 40,000 employees worldwide, leading to continued and sustainable growth of the WEG Group's business in challenging scenarios, transforming the company's value from a small cap in 2007 to one of the top 10 most valuable companies on the Brazilian stock exchange in 2023.
"A company can never change, but neither can its leadership change continuously," said Décio da Silva, Chairman of the Board of Directors of WEG.
"There needs to be a balance to ensure the longevity of the business. Companies that never change have little room for innovation. Companies that change all the time don't give time for the learning curve or to solidify their corporate culture," he said
"Harry's involvement was of fundamental importance to WEG's expansion process throughout the 16 years he led the company," da Silva added.
"The result can be seen in the significant appreciation of our actions over the years. A new cycle begins now with Alberto Kuba, who, with the support of the administration, directors, managers and employees, will have the mission of moving forward in the leadership of the company, inspired by his predecessors and motivated by the new challenges that are looming on the horizon," he said.
Kuba is grateful for the trust and stresses the importance of continuing the legacy left by his predecessors.
"We will continue to focus on growth and attentive to market movements, valuing the reinvestment of profits, continuous market expansion, investment in technology, participatory management, as well as the recognition and development of people," Kuba said.
