In Brazil, WebMotors appoints new CEO
05 May 2017
WebMotors, the Brazilian auto vertical owned by Santander Bank and CarSales, named a new CEO. Fernando Miranda (LinkedIn), an experienced bank executive, replaced Rodrigo Borer (our report) as the company’s CEO. Borer spent about a year at WebMotors, Brazil’s No. 1 auto vertical by revenue.
Borer was responsible for redirecting the company’s business model from the regular classifieds one, to what he labeled as a “deeper alignment with the client’s interests and greater value generation”.
In July 2016, WebMotors adopted a pay-per-lead business model for dealers, which drove dealer-revenue growth, even though the model was constrained by transitional discounting arrangements, CarSales said in its most recent half-year report.
In fact, WebMotors’ revenue increased 1.3 percent in FY2016 from FY2015, as previously reported by us, but net income dropped 1.6 percent in the same period.
Miranda takes over leadership of WebMotors at a point the company needs to accelerate revenue growth generated from dealers with its pay-per-lead model.
The shift of leadership following Borer’s short period at WebMotors, plus the recent organizational structure changes promoted by the former executive, may add further to the challenges of the new CEO.
Miranda spent over six years in the banking industry, mainly as a CEO and a managing director at institutions, such as Citibank and Marginalen Bank in Sweden.