Antonio Ermirio de Moraes, a Brazilian billionaire and former chairman of family-owned Grupo Votorantim, Latin America's fifth-largest diversified industrial conglomerate, died this Sunday from heart failure at his home in Sao Paulo, Brazil. He was 86.
One of the most admired entrepreneurs in Brazil, Ermirio de Moraes was also one of the original billionaires to appear on Forbes first ever world wealth ranks in 1987. He had been a staple on Forbes billionaires list ever since, though he had largely disappeared from the public eye back in 2001 after being diagnosed with Alzheimer’s disease. At the time of his death his personal net worth was estimated at $3.9 billion, based on his 25% stake in Grupo Votorantim. Together with his two siblings and the three children of his deceased older brother, Jose Ermirio de Moraes Filho, he and the family were ranked as Brazil’s third richest clan in May, worth over $15 billion.
The origins of Grupo Votorantim date back to 1918, when Ermirio de Moraes' father, Jose Ermirio de Moraes, bought a textile factory in Sao Paulo. Today the conglomerate, which is led by the Ermirio de Moraes family's fourth generation, has interests that include paper and pulp, cement, aluminum production, banking, chemicals and agribusiness. It reported sales of $11.5 billion in 2013.
Antonio Ermirio de Moraes joined Grupo Votorantim in 1949, after graduating with a degree in mining engineering from the Colorado School of Mines. Throughout the 1980s, under his leadership, the conglomerate expanded considerably and also began its internationalization process. Currently, Grupo Votorantim is present in more than 20 countries and employs some 43,000 workers worldwide.
In 1986, Ermirio de Moraes ran unsuccessfully for governor of Sao Paulo. He was once quoted as saying that his brief career in politics was frustrating, but it also served as inspiration for him to write three successful plays depicting Brazilian politics and its ethical and economic crises. A true workaholic and a generous philanthropist, he reportedly clocked 12 hours a day and also served as chairman of the Beneficencia Portuguesa Hospital in Sao Paulo, which he helped turn into one of the largest and most advanced hospital complexes in Latin America.
Ermirio de Moraes left Grupo Votorantim's board of directors in 2001, soon after his Alzheimer’s diagnosis. His battle with the disease was chronicled in a biography written by longtime friend and economist Jose Pastore, and released last year.
Ermirio de Moraes is survived by his wife, Maria Regina Costa de Moraes, and their children -- the couple, who was married for more than six decades, had nine, two of whom have died. In a statement, a Grupo Votorantim spokesperson said that Ermirio de Moraes was "an outstanding leader, who was an example and inspiration to the company's values such as ethics, respect and entrepreneurship, who believed in the role of the private sector to build a better and fairer country, with health care and quality education for all."
Brazil's president Dilma Rousseff said in a statement that she was deeply saddened by Ermirio de Moraes' passing, adding that he was a "born leader who always believed in Brazil's development."
His burial will take place today in Sao Paulo's Morumbi cemetery.
