Horn, founder of Cyrela Brazil Realty SA , Brazil’s biggest homebuilder, will be taking a back seat to his sons Raphael and Ephraim as part of a planned transfer of power in the company which he founded.
Elie Horn, founder of Cyrela Brazil Realty SA, who are Brazil’s largest construction company in the domestic housing sector, after 37 years at the helm of the company that he founded has announced that he will be handing on the reins of control at the company to his sons Raphael and Ephraim.
The power switch will see Eli Horn will retain his post as chairman of Cyrela’s board, whilst at the same time allowing the company to comply with Sao Paulo Stock Exchange’s market regulations that require companies listed under the Novo Mercado segment to maintain separate executives in the role of chairman and CEO. .
A statement issued by Cyrela explained that the modification in the management structure was the outcome of a planned succession process that had been gradually taking effect over the past few years, which will become effective in May 2014, subject to shareholder approval.
Cyrela Brazil Realty, whose main offices are in São Paulo, Brazil, operate extensively throughout Brazil, Argentina and Uruguay.
Elie Horn was born in 1944 in the city of Aleppo, in Syria and came to live in São Paulo, Brazil in the mid fifties. Before gaining his law degree at Mackenzie University in the city, Elie gained some valuable experience in the construction industry working with his older brother Joe, who had already established a successful building and real estate company in the city.
The Horn brothers worked together for more than twenty years, before Elie founded Cyrela since 1978, which grew to become a publicly traded real estate giant considered to be the largest in Brazil.