StoneCo Ltd. (Nasdaq: STNE; B3: STOC31) (“Stone” or the “Company”)
is announcing a planned transition within the Board of Directors.
After a decade of fundamental contributions, our founder, Mr. André
Street has chosen not to seek re-election at the upcoming Annual
General Meeting (“AGM"), which will occur by the end of April 2024.
In similar vein, Mr. Conrado Engel, our Vice Chairman, and Patricia
Verderesi Schindler, will also not seek re-election, having
completed their two-year commitment to the Company. In preparation
for this transition, the proposal is to appoint Mr. Mauricio
Luchetti as the new Chairman, and Mr. Gilberto Caldart as the
Vice-Chairman of our Board of Directors pursuant to the terms of
the Company’s Articles of Association, subject to the vote of the
majority of the shareholders. Additionally, we expect to nominate
Mr. José Scheinkman to join the board.
This transition represents a natural step in
StoneCo's evolution and comes on the heels of a strong result,
which closed 2023 with record-breaking net income, volume, revenue
and client satisfaction with a clear strategy unveiled at its
Investor Day. Mr. Street remains committed to Stone, continuing as
its Reference Shareholder and having additional rights in the
Company’s Shareholders' Agreement and Articles of Association.
The selection process for the new Chairman has
been meticulously orchestrated by the People Committee. The
candidates, Mauricio Luchetti for Chairman and Gilberto Caldart for
Vice-Chairman, have been chosen based on their technical skillset,
industry and company knowledge, ensuring a smooth transition. Mr.
Luchetti has been on the Board since April 2022 and has extensive
experience with People and Management, and Mr. Caldart has more
than 14 years of experience in the payments industry. In connection
with these changes, the committees will be reorganized having the
following composition:
People Committee: Mauricio Luchetti*, Silvio
José Morais, and Thiago Dos Santos PiauFinance Committee: Gilberto
Caldart, Silvio José Morais*, and Thiago Dos Santos PiauAudit
Committee: Diego Fresco Gutierrez*, Luciana Ibiapina Lira Aguiar,
and Mauricio Luchetti Risk Committee: Gilberto Caldart, José
Alexandre Scheinkman, and Luciana Ibiapina Lira Aguiar* *
Chairperson
"Stone has shaped up to be an incredibly
well-structured company, boasting a technically proficient and
largely independent board. The board comprises individuals deeply
dedicated to the company's success and governance, instilling me
with the utmost confidence as I pass the reins to those who share a
deep respect for Stone’s entrepreneurial spirit. The management
team now also possesses a remarkable blend of experience, in-depth
knowledge of the business, and a genuine passion for our clients,
all of which are emblematic of the culture upon which we have
founded Stone. This unique mix has been key to our latest results
and the substantial enhancements in our organizational structure
over the last couple of years," says André Street, Stone’s
founder.
"As it approaches its 11th anniversary, Stone
has emerged into one of Brazil's most esteemed companies, thanks to
its unwavering commitment to supporting small business
entrepreneurs across the country. Despite facing challenges, our
resilient and determined team has consistently navigated through
crises, emerging stronger each time. Today, Stone serves over 3.5
million clients nationwide, with transactions exceeding 408 billion
reais in 2023 alone.
From its inception, Stone has played a pivotal
role in the evolution of the Brazilian economy. The company has
significantly influenced the credit card industry by fostering
competition, resulting in an impressive reduction in the average
merchant discount rate for small businesses, alongside a
substantial decrease in the cost of receivables financing.
To me, Stone symbolizes a tangible form of
social contribution that companies should mirror. With a positive
impact on thousands of direct and indirect employees, coupled with
significant investments in technology, and software development,
driving enhanced productivity across the nation.
While not continuing in my role as board
director, my commitment as a long-term shareholder, alongside my
partners, remains unwavering. I have full confidence in our team
and firmly believe that Stone will continue to prioritize its
clients, team, and social impact, ultimately yielding superior
long-term returns for our shareholders," he adds.
“As I finalize my cycle at Stone as part of the
Board, I am grateful for the opportunity to collaborate with such
extraordinary individuals, with André Street and the entire Stone
team. It´s heartening to depart amidst such a positive transition
for the company, knowing that the seeds of our collaboration will
continue to flourish in the capable hands of those who remain. I
leave with appreciation for the experiences shared and I am
confident in the continued success of the company,” comments
Conrado Engel.
With the AGM marking their departure, we extend
our sincere gratitude to André, Conrado and Patricia for their
invaluable contributions throughout their tenure. Their dedication
has been a cornerstone of our success. As they embark on new
journeys and transition from their current roles, we eagerly
anticipate the next chapter of Stone's journey.
About the recommended candidates to the
Board of Directors
Mauricio Luchetti
Mauricio is an independent member of the YDUQS
Board of Directors where he coordinates the People and Governance
Committee and a member of the Monitoring and Performance Committee.
He is also an independent member of the Board of Directors of
Agrogalaxy, where he coordinates the People Committee and
participates in the Audit Committee. Mr. Luchetti is also an
independent member of the Board of Directors of Construtora Tenda
and coordinates the People Committee. He was an independent member
of the Boards of Directors of others publicly held Companies of JBS
S.A., Taesa S.A, Tempo Assist, Mangels and Nutriplant. From 1985 to
2003, he was part of the beverage company Ambev S.A. where he held
positions as executive of People and Management and Regional
executive of Operations. From 2003 to 2006, he worked at the
Votorantim S.A. where he served as Corporate Director at Holding
VPAR and as COO at Votorantim Cimentos S.A. He has also been a
partner at Galicia Investimentos since 2007. Mr Luchetti holds a
bachelor’s degree in Business.
Gilberto Caldart
Gilberto Caldart is a former Vice Chairman,
Senior Client Partnerships & Relationships and former President
of International Markets at Mastercard, having worked more than 14
years at the company. In the latter, he was responsible for the
management of all markets and customer related activities outside
of North America and Canada and was a member of the Mastercard’s
management committee. Prior to this appointment, Mr. Caldart was
president of Mastercard Latin America and Caribbean region, where
he led efforts to place the company at the forefront of the
payments industry in the region. Before joining Mastercard, he
spent 26 years at Citigroup in various leadership positions in
Brazil and New York. Most notably, he led the Citi Consumer
Business in Brazil (Retail Banking, Consumer Finance and Cards) for
over six years. During his time at Citigroup, Mr. Caldart served on
the boards of Credicard and Redecard, playing a critical role in
the restructuring of the Credicard Group and on the Redecard IPO
transformation. Mr. Caldart is a graduate of the Harvard Business
School's Advanced Management Program. He also has an MBA from Duke
University, Fuqua School of Business and a Bachelor’s degree in
Business Administration and Accounting from the University of Rio
Grande do Sul, Brazil.
José Alexandre Scheinkman
José A. Scheinkman is the Charles and Lynn Zhang
Professor of Economics at Columbia, Theodore Wells ‘29 Professor of
Economics (emeritus) at Princeton, and Research Associate at NBER.
Previously, Scheinkman was Alvin H. Baum Distinguished Service
Professor and Chair of the Department of Economics at the
University of Chicago, Blaise Pascal Research Professor (France),
Visiting Professor at Collège de France, and Vice-President in the
Financial Strategies Group of Goldman, Sachs. Scheinkman is a
Member of the National Academy of Sciences, Fellow of the American
Academy of Arts and Sciences, Fellow of the American Finance
Association, and recipient of a John Simon Guggenheim Memorial
Fellowship and of a “doctorat honoris causa” from the Université
Paris-Dauphine. In 2014, he was awarded the CME Group-MSRI Prize in
Innovative Quantitative Applications.Scheinkman’s most current
research is on the economics of forest preservation in the
Brazilian Amazon. He was born in Rio de Janeiro and participates
actively on debates concerning economic and social policy in
Brazil. He is a member of the board of directors of Cosan S.A., a
Brazilian company engaged in the production and distribution of
sugar, ethanol, energy and logistic services, and the board of
directors of Tag infraestrutura, a provider of infrastructure for
Brazilian financial markets.
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 Relations investors@stone.co
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