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GEORGETOWN, Cayman Islands, March 24, 2022 (GLOBE NEWSWIRE) — StoneCo Ltd. 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:
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