Afya Announces Changes to its Board of Directors

Rhea-AI Summary

Afya Limited (NASDAQ: AFYA) announced the resignation of Mr. Paulo Passoni from its Board of Directors, effective immediately. He has been a board member since May 2021. Mrs. Maria Tereza Azevedo has been appointed as his successor, bringing extensive experience in investment and corporate finance from her roles at Softbank, Santander, and UBS. This change aims to enhance the board's diversity and strategic decision-making capabilities, with Azevedo's expertise in the education sector being particularly valuable for Afya's growth.

Positive

• Appointment of Maria Tereza Azevedo is expected to strengthen the board's expertise in education investment.
• Increased board diversity may improve strategic decision-making processes.

Negative

• Departure of Paulo Passoni could lead to continuity concerns within the board.

NOVA LIMA, Brazil--(BUSINESS WIRE)-- Afya Limited, or Afya (Nasdaq: AFYA), announced that Mr. Paulo Passoni, a board member since May 2021, has submitted his resignation letter as a member of the Board of Directors. Mrs. Maria Tereza Azevedo was appointed as his replacement effective as of today.

Maria Tereza Azevedo joined Softbank LatAm fund in 2021 as Investment Director leading the Education industry. Prior to joining Softbank, she was an Executive Director at Santander and Director at UBS Investment Bank leading the TMT strategy and LatAm Education and the Technology, Media, and Telecommunications teams, respectively. She has extensive experience in helping LatAm companies access the equity capital markets and holds a master’s degree in Corporate Finance and a bachelor’s degree in Economics Science from IBMEC. Maria Tereza also serves as a board member of Descomplica and UOL EdTech.

Afya’s Board of Directors is composed of three members of the Esteves family, including its non-executive Chairman, three members of Bertelsmann SE& Co. KGaA, one member from Softbank, and four independent members, resulting in a diversity of skills and experience to enhance Afya’s decision-making:

Name	Position
Nicolau Carvalho Esteves	Chairman
Sérgio Mendes Botrel Coutinho	Director
Renato Tavares Esteves	Director
Kay Krafft	Director
Shobhna Mohn	Director
Daulins Emilio	Director
Maria Tereza Azevedo	Director
João Paulo Seibel de Faria*	Independent Director
Vanessa Claro Lopes*	Independent Director
Flávio Dias	Independent Director
Miguel Filisbino Pereira de Paula*	Independent Director
*Member of Afya's Audit Committee

About Afya

Afya is a leading medical education group in Brazil based on number of medical school seats, delivering an end-to-end physician-centric ecosystem that serves and empowers students and physicians to transform their ambitions into rewarding lifelong experiences from the moment they join us as medical students through their medical residency preparation, graduation program, continuing medical education activities and offering digital products to help doctors enhance their healthcare services through their whole career.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220420005683/en/

Investor Relations Contact:

Afya Limited

ir@afya.com.br



Media Contact:

Cíntia Moraes Marin

cintia.marin@afya.com.br

Source: Afya Limited

FAQ

Who replaced Paulo Passoni on Afya's Board of Directors?

Mrs. Maria Tereza Azevedo has been appointed to replace Paulo Passoni effective immediately.

What experience does Maria Tereza Azevedo bring to Afya?

Maria Tereza Azevedo has extensive experience in investment and corporate finance, having worked with Softbank, Santander, and UBS.

When did Paulo Passoni resign from Afya's Board?

Paulo Passoni submitted his resignation immediately, as announced in the press release.

How might the board change impact Afya's strategy?

The addition of Maria Tereza Azevedo may enhance Afya's strategic decision-making, particularly in education investments.