StoneCo Ltd. (Nasdaq: STNE) (“Stone” or the “Company”), a leading
provider of financial services and software solutions for merchants
in Brazil, today announced several Board-refreshment actions to
support the next stage of the Company’s growth.
To maintain its strong focus on governance and
benefit from fresh perspectives on the business and marketplace,
the StoneCo Board has approved the appointment of two new
Directors, Conrado Engel and Pedro Zinner. Both new Directors bring
extensive knowledge in financial services and the leadership of
large companies in Brazil, which are critical areas to Stone’s next
phase of growth. Mr. Engel, who is a former Senior Executive Vice
President at Banco Santander Brasil, CEO of HBSC Brazil, CEO of
Losango Consumer Finance and has decades of experience leading
financial services and credit businesses, will become Vice-Chairman
of the Board. Mr. Zinner is currently CEO of Eneva, a leading
power-generation company in Brazil, and has more than 25 years of
experience in strategy, risk management and finance.
As part of this evolution, Eduardo Cunha
Monnerat Solon de Pontes, Ali Mazanderani and Thomas A. Patterson
have agreed to retire from the Stone Board after many years of
service that began prior to the Company’s IPO. The appointments of
Mr. Engel and Mr. Zinner as well as the resignations of Mr. Pontes,
Mr. Mazanderani and Mr. Patterson are effective immediately.
“On behalf of the entire Board, I want to thank
Edu, Ali and Tom for their work and many contributions over the
years to Stone and its predecessor businesses. I also want to thank
Edu Pontes for his vision and service on the Board. We look forward
to continuing to benefit from his advice as a shareholder,” said
André Street, Chairman of the Board.
New Board of Directors
Composition
As a result of these refreshment actions, StoneCo Board of
Directors will be composed of nine Directors, seven of whom are
independent:
- André Street – Chairman
- Conrado Engel* – Vice-Chairman
- Roberto Moses Thompson Motta*
- Sílvio José Morais*
- Luciana Aguiar*
- Pedro Franceschi*
- Mateus Scherer Schwening
- Diego Fresco Gutierrez*
- Pedro Zinner*
* Independent Board Members
About Our New Board of Directors
Appointments
Conrado Engel has four decades
of experience leading financial services businesses in Brazil,
Latin America and Asia Pacific. He has served as head of the Credit
Cards Business for Banco Nacional-Unibanco, Chief Executive Officer
of Losango Consumer Finance Co., head of HSBC’s Retail Business in
Brazil and a member of its executive committee, and head of HSBC’s
Retail Business in the Asia-Pacific region and a member of its
executive committee. From June 2009 until March 2012, Engel served
as Chief Executive Officer of HSBC Brasil. In May 2012, Engel
joined Santander, where he served as head of the Retail Business
and the Wealth Management & Specialized Businesses, a member of
Santander Board of Directors, a member of the Risk and Compliance
Committee, as well as Chairman of the Board of Directors of Banco
Olé Bonsucesso Consignado S.A. and Chairman of the Advisory Board
of Santander Brasil Gestão de Recursos. Mr. Engel holds a degree in
aeronautical engineering from the Instituto Tecnológico de
Aeronáutica - ITA.
Pedro Zinner is currently the
Chief Executive Officer of Eneva, one of the leading
power-generation companies in Brazil. He has more than 25 years of
experience in strategy, risk management and finance. Mr. Zinner
joined Eneva in 2016 as its Chief Financial Officer and led the
company through a financial restructuring and initial public
offering. Prior to Eneva, Mr. Zinner was the Chief Executive
Officer of Parnaiba Gas Natural, Brazil's largest on-shore gas
producer, and held executive positions at BG Group, in the United
Kingdom, as Group Treasurer and Head of Tax. Mr. Zinner also led
the Treasury and Corporate Finance functions for the mining company
Vale and served as its Global Head of Corporate Risk Management in
Switzerland. Earlier in his career, Mr. Zinner held senior roles in
investment banking at Banco Icatu. He also serves on the boards of
several non-profit organizations, including American Chamber – RJ;
Conselho Empresarial Brasileiro de Desenvolvimento Sustentável
(CEBDS), which promotes sustainable development; the Brazilian
Exploration & Production Petroleum Institute (IBP-ABEP); and
Movimento Brasil Competitivo, which promotes structural reforms in
the private and public sectors to foster economic development. Mr.
Zinner holds a Master of Business Administration from Chicago Booth
Graduate School of Business and a B.A. in Economics from Pontifícia
Universidade Católica do RJ (PUC-RJ).
About StoneCo
StoneCo is a leading provider of financial
technology and software solutions that empower merchants to conduct
commerce seamlessly across multiple channels and help them grow
their businesses.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management. These statements identify prospective information and
may include words such as “believe,” “may,” “will,” “aim,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,”
“forecast,” “plan,” “predict,” “project,” “potential,”
“aspiration,” “objectives,” “should,” “purpose,” “belief,” and
similar, or variations of, or the negative of such words and
expressions, although not all forward-looking statements contain
these identifying words.
Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond Stone’s control.
Stone’s actual results could differ materially
from those stated or implied in forward-looking statements due to a
number of factors, including but not limited to: more intense
competition than expected, lower addition of new clients,
regulatory measures, more investments in our business than
expected, and our inability to execute successfully upon our
strategic initiatives, among other factors.
Contact:
Investor Relationsinvestors@stone.co
StoneCo (NASDAQ:STNE)
Historical Stock Chart
From Aug 2024 to Sep 2024
StoneCo (NASDAQ:STNE)
Historical Stock Chart
From Sep 2023 to Sep 2024