When Francisco Gomes Neto was named CEO of Brazilian aircraft maker Embraer in May of 2019, a big part of his job description was to carve out its commercial aviation division in an ill-fated joint venture planned with Boeing.
For Embraer, the third-largest plane maker in the world, the goal of that partnership was to build up its commercial aircraft division to better compete with Airbus, and maintain a focus on its thriving private jet and military businesses. But in April 2020, Boeing pulled the plug after the pandemic and two major 737 Max accidents that killed hundreds severely hurt its business.
