WEG – WEG announces CEO succession

Company’s Board of Directors announced on December 8th the new CEO who will take office starting April 1, 2024.

WEG announced to its shareholders and the general market that, as approved at an extraordinary meeting of the Board of Directors held on December 07, 2023, and following the succession plan of its Executive Team established, as from March 31, 2024, the following movements will be implemented:

• Within the succession planning, structured and conducted by the Board of Directors with the support of renowned consultancies, Mr. Harry Schmelzer Júnior will leave the position of Chief Executive Officer of the Company on March 31, 2024, ending an executive cycle of more than four decades, being 16 years leading WEG Group.
• As successor, effective on April 01, 2024, Mr. Alberto Yoshikazu Kuba, an executive with a career of over 21 years at the Company and current Managing Director of the Industrial Electric Motors division, will be appointed.

Mr. Kuba, 44 years old, is an electrical engineer with a specialization in business management, having built his career at the Company in the areas of industrial electric motors sales in Brazil between 2004/2009 and, for ten years, in China, wherorhe worked in the commercial area between 2010/2015, then assuming the position of Managing Director of local operations until 2019, returning to Brazil in 2020, when he took his current role.
 

His academic background is complemented by specializations in corporate finance from Fundação Dom Cabral (2003), APG Middle Amana-Key (2007), Executive Program for Growing Companies (Stanford,
2015), Leading Business Transforming (INSEAD, 2022/2023), among others world-class training.

“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 faced challenges, celebrated victories, and built a successful path that will be marked in the Company’s history. I conclude my CEO journey very proud of everything we have accomplished together. To Kuba, / wish success, wisdom, future vision, and resilience in leading the business. I am confident that the Company’s future will be as bright as the path we have traveled so far,” highlights Harry Schmelzer Jr.

After the deliberations of the Board of Directors above, the representatives of the Controlling Shareholder informed that they will propose Mr. Schmelzer’s name for the Company’s Annual Shareholders’ Meeting to be held in April 2024, for one of the seats on the Board of Directors, to the 2024/2025 biennium.

Mr. Schmelzer’s trajectory leading the Company achieved full recognition within the organization for his boldness, dedication, and ability to deliver notable results over sixteen years, supported by numerous awards from different entities, business forums, and the 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 a continuous and sustainable growth of 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.
 

The Chairman of the WEG Board of Directors, Décio da Silva, emphasized that: “A company cannot never change, but it also cannot change its leadership continuously. There must be a balance to ensure the business’s longevity. Companies that never change have little room for innovation. Companies that change all the time do not give time for the learning curve or to solidify their corporate culture. Harry’s participation was of fundamental importance for the WEG’s expansion process over these 16 years in which he led the Company. The result can be observed by the significant appreciation of our shares in these 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 leading the Company, inspired by his predecessors and motivated by new challenges on the horizon of the WEG Group.”

Alberto Kuba expresses gratitude for the trust and emphasizes the importance of continuing the legacy left by his predecessors: “We will continue focused on growth and attentive to market movements, valuing reinvestment of profits, continued market expansion, investment in technology, participative management, as well as the appreciation and development of people, ” assures Kuba.

The Board of Directors will implement the changes upon their implementation with the appropriate public records.