SAO PAULO (Reuters) -Latin American e-commerce giant MercadoLibre ( MELI ) announced on Wednesday that Chief Executive and co-founder Marcos Galperin will be replaced by current commerce head Ariel Szarfsztejn as of 2026.

Galperin will move "to a more strategic role within the company, as executive chairman of the board," MercadoLibre ( MELI ) said in a securities filing.

Galperin, now a billionaire and one of the region's most influential entrepreneurs, co-founded MercadoLibre ( MELI ) 26 years ago, building it into Latin America's most valuable firm by market cap.

Szarfsztejn joined MercadoLibre ( MELI ) in 2017 and held several positions before assuming the commerce leadership role in 2023.