MercadoLibre's Galperin to Focus on AI Projects After CEO Change
Galperin, who has led Latin America's most valuable company for more than two decades, said he remains 'as excited as ever' about the company's future, especially as it explores AI.
'AI makes it extremely intellectually satisfying to work in a company like ours,' Galperin said on the company's podcast, released Monday.
Ariel Szarfsztejn, who has been an executive at the company since 2017 and is taking over the CEO role at the start of 2026, said his goal is to build on the company's momentum.
'This is a story of continuity and not drastic changes,' he said. 'My challenge is to continue on the priorities that we have on our list.'
Those include deepening e-commerce adoption in Latin America, where just 15% of retail sales are currently online, growing the company's advertising business, and expanding access to digital financial services.
Both Galperin and Szarfsztejn see AI as a tool to grow its business across e-commerce, advertising and financial services. From improving credit risk models to optimizing delivery routes and powering smarter product recommendations, AI is already being embedded across the company's platforms.
The leadership transition has been in the works for years, Galperin said, describing it as one of the most difficult challenges for a founder.
'It would never be the right time because as a founder it's emotionally very difficult,' he said. 'But what made the click for me was when I realized I needed to stop thinking about this as a personal decision regarding what's best for me and instead think about what's best for the company.'
Galperin added that he will remain deeply involved in strategic decisions, including in capital allocation, and support Szarfsztejn over the coming years, while dedicating more time to AI and innovation.
MercadoLibre, which is scheduled to report earnings on Aug. 4, will select Szarfsztejn's replacement as head of e-commerce from within the firm.
'These types of transitions create many opportunities for many people at the company,' Galperin said. 'This is a rapidly changing industry, and I believe it's one where younger management makes a lot of sense.'
More stories like this are available on bloomberg.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
India's US crude oil imports surge over 50% in first half of 2025; LNG, LPG trade also expands: Report
AI-image India has significantly ramped up its crude oil imports from the United States during President Donald Trump's second term, marking a major shift in its energy sourcing strategy, according to official trade data, reported ANI- quoting sources. Imports of US crude rose over 50 per cent in the first half of 2025 compared to the same period last year. From January to June 25, India imported an average of 0.271 million barrels per day (mb/d), up from 0.18 mb/d during the same timeframe in 2024. The uptick has been especially sharp in recent months. Imports during the April-June 2025 quarter soared 114 per cent year-on-year, with the value rising from $1.73 billion in Q1 of FY24-25 to $3.7 billion in Q1 of FY25-26. 'So, in July 2025, India imported 23 per cent more crude oil from the US compared to June 2025. In India's overall crude imports, while the US share was only 3 per cent, it increased to 8 per cent in July. Furthermore, in the financial year (2025-2026), Indian companies would increase their crude oil import by 150 per cent,' the ANI sources said. The energy trade expansion is not limited to crude. Imports of liquefied natural gas (LNG) from the US nearly doubled — rising from $1.41 billion in FY2023-24 to $2.46 billion in FY2024-25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo Liquefied petroleum gas (LPG) imports have also grown significantly. Negotiations are reportedly underway for a multi-billion dollar long-term LNG supply agreement. The growth in bilateral energy trade comes amid continued affirmations of strong diplomatic ties between the two nations. Ministry of External Affairs on Friday, reiterated its confidence in the strength of the Indo-US partnership. 'India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has weathered several transitions and challenges. We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward,' MEA spokesperson Randhir Jaiswal said at a scheduled press conference. However, this trade relation faced a setback when Trump announced 25 per cent tariffs on India. He said that India would face a 25 per cent tariff, "plus a penalty for the above, starting on August 1"; later changed to August 7. The White House justified the move by citing India's 'obnoxious non-monetary trade barriers,' persistent trade imbalances, and strong energy and defence ties with Russia. In another remark posted on Truth Social, Trump said, "I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let's keep it that way..." Also read: India continuing to buy oil from Russia- Report rebuts Donald Trump's 'good steps' claim Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Time of India
an hour ago
- Time of India
Big Tech continues to hire in India even as local majors downsize
Academy Empower your mind, elevate your skills ETtech Indian IT services majors may be trimming their workforce, but for Big Tech, it's still hiring season in giants under the FAAMNG umbrella – Facebook parent Meta, Amazon, Apple, Microsoft, Netflix, and Google – have grown their India headcount across their own and their affiliate entities by 16% over the past 12 months, data from staffing firm Xpheno pace of growth is slightly higher than 15% in the 12 months to August saw over 28,000 net employee additions in the past one year. The current estimated collective headcount across their entities in India is over 208,000, according to hiring rate 'is relatively healthy, especially with the buzz of AI potentially impacting pace and volume of hiring,' said Kamal Karanth, cofounder of companies continue to post healthy hiring demand in the country, with active openings at 4,500 currently, despite executing large-scale layoffs in the US, with an estimated 100,000 laid off Covid pandemic-induced hiring surge saw net additions for the FAAMNG cohort grow 35% year-on-year in 2022, followed by a slowdown to 6% growth in comparison, the top six Indian IT services firms saw headcount additions soar 22% on year in 2022, followed by declines by 0.2% and 3.1% in 2023 and 2024, respectively. As of June 2025, combined headcount in these firms grew 1.3% year-on-year to 1,625, the country's IT bellwether Tata Consultancy Service (TCS) on Sunday caused shockwaves as it announced layoff of 12,000 employees in mid-to-senior levels, citing skills mismatch in project global giants have also announced major layoffs in recent times, India has seen a lesser impact compared to many other geographies, experts noted.'While we do see some of this affecting India, the volumes so far are not as high as global numbers,' said Neeti Sharma, CEO of IT staffing firm TeamLease hiring in the industry is increasingly selective, with a focus on specialised skills, especially in artificial intelligence (AI) and cloud.'There is a high demand for skills such as AI, cloud and cybersecurity,' while hiring is down for support and routine roles, especially in conventional technologies, Sharma said.'Few older roles will gradually become redundant. However, newer roles are being defined,' she said. 'This transition is tough now, but it's needed to stay relevant.'Employees face more pressure to perform and upskill, especially in AI and cloud, as companies focus on keeping top talent and building leaner teams, Sharma per Quess IT staffing, hiring by large tech firms in India dipped by 3-6% in the fourth quarter of FY2025 ended in March. However, it was up by about 8-10% in the first quarter FY2026, it said.'While global tech firms are making headlines for layoffs abroad, many are increasing hiring in India, especially through their GCCs,' said Kapil Joshi, CEO of Quess IT global capability centres (GCCs) are now doing more high-end work, such as developing AI tools, cloud platforms, and new digital products, he the same time, companies are seeing the need to balance costs while increasing focus on innovation, experts said.'They need to train people faster, close talent gaps, and compete for the best candidates in a tight market,' Joshi said.
Economic Times
an hour ago
- Economic Times
Big Tech continues to hire in India even as local majors downsize
iStock Indian IT services majors may be trimming their workforce, but for Big Tech, it's still hiring season in giants under the FAAMNG umbrella – Facebook parent Meta, Amazon, Apple, Microsoft, Netflix, and Google – have grown their India headcount across their own and their affiliate entities by 16% over the past 12 months, data from staffing firm Xpheno showed. The pace of growth is slightly higher than 15% in the 12 months to August 2024. FAAMNG saw over 28,000 net employee additions in the past one year. The current estimated collective headcount across their entities in India is over 208,000, according to hiring rate 'is relatively healthy, especially with the buzz of AI potentially impacting pace and volume of hiring,' said Kamal Karanth, cofounder of companies continue to post healthy hiring demand in the country, with active openings at 4,500 currently, despite executing large-scale layoffs in the US, with an estimated 100,000 laid off Covid pandemic-induced hiring surge saw net additions for the FAAMNG cohort grow 35% year-on-year in 2022, followed by a slowdown to 6% growth in 2023. By comparison, the top six Indian IT services firms saw headcount additions soar 22% on year in 2022, followed by declines by 0.2% and 3.1% in 2023 and 2024, respectively. As of June 2025, combined headcount in these firms grew 1.3% year-on-year to 1,625, the country's IT bellwether Tata Consultancy Service (TCS) on Sunday caused shockwaves as it announced layoff of 12,000 employees in mid-to-senior levels, citing skills mismatch in project deployments. Selective hiring While global giants have also announced major layoffs in recent times, India has seen a lesser impact compared to many other geographies, experts noted.'While we do see some of this affecting India, the volumes so far are not as high as global numbers,' said Neeti Sharma, CEO of IT staffing firm TeamLease hiring in the industry is increasingly selective, with a focus on specialised skills, especially in artificial intelligence (AI) and cloud.'There is a high demand for skills such as AI, cloud and cybersecurity,' while hiring is down for support and routine roles, especially in conventional technologies, Sharma said.'Few older roles will gradually become redundant. However, newer roles are being defined,' she said. 'This transition is tough now, but it's needed to stay relevant.'Employees face more pressure to perform and upskill, especially in AI and cloud, as companies focus on keeping top talent and building leaner teams, Sharma per Quess IT staffing, hiring by large tech firms in India dipped by 3-6% in the fourth quarter of FY2025 ended in March. However, it was up by about 8-10% in the first quarter FY2026, it said.'While global tech firms are making headlines for layoffs abroad, many are increasing hiring in India, especially through their GCCs,' said Kapil Joshi, CEO of Quess IT global capability centres (GCCs) are now doing more high-end work, such as developing AI tools, cloud platforms, and new digital products, he the same time, companies are seeing the need to balance costs while increasing focus on innovation, experts said.'They need to train people faster, close talent gaps, and compete for the best candidates in a tight market,' Joshi said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Zomato delivered, but did the other listed unicorns? US tariff hike to hit Indian exports, may push RBI towards rate cuts Will TCS layoffs open the floodgates of mass firing at Indian IT firms? Indian IT firms never reveal the truth hiding behind 'strong' deal wins Is Bajaj Finance facing its HDFC Bank moment? Tata Motors' INR38k crore Iveco buy: Factors that can make investors nervous Stock Radar: Strides Pharma stock hits fresh 52-week high in July; will the rally continue in August? F&O Radar| Deploy Short Strangle in Nifty to gain from Theta decay For investors who can think beyond Trump: 5 large-cap stocks with an upside potential of up to 36%
