Arco Announces Changes to its Board of Directors

Rhea-AI Summary

Arco Platform Limited (Nasdaq: ARCE) has announced the resignations of board members Pablo Doberti and David Peixoto, effective immediately. These changes are part of a strategic renewal aimed at enhancing business insights. The board will now consist of three family members and five independent directors, focusing on leveraging diverse skills for improved decision-making and achieving high-quality education at scale. The company expresses gratitude for the contributions of Mr. Doberti and Mr. Peixoto during their tenure.

Positive

• Board renewal may bring fresh perspectives to Arco's strategy.
• Maintains a diverse board composition with independent members, enhancing decision-making.

Negative

• Loss of experienced board members may impact continuity in governance.

Arco Platform Limited, or Arco (Nasdaq: ARCE), announces that Mr. Pablo Doberti, board member since August 2019, and Mr. David Peixoto, board member since August 2020, have submitted their resignation letters as members of the Board of Directors and, consequently, as members of the Audit Committee, effective as of today.

The announcement is part of a renewal process initiated in the beginning of the year to promote new insights on the business environments and the Company’s strategy.

“The Board of Directors and myself would like to extend our warmest thanks to Mr. Doberti and Mr. Peixoto for the significant contribution they have made to Arco’s mission during their period of office,” said Ari de Sá Neto, Arco’s founder and Chief Executive Officer.

Arco’s Board of Directors is now composed of three members of the controlling family, including its non-executive Chairman and its CEO, and five independent members, resulting in a diversity of skills and experience to enhance Arco’s decision-making and accelerate its mission of delivering high quality education at scale:

Name		Position
Oto Brasil de Sá Cavalcante		Chairman
Ari de Sá Cavalcante Neto		Director
Paula Soares de Sá Cavalcante		Director
Beatriz Amary		Independent Director
Carla Schmitzberger		Independent Director
Edward Ruiz		Independent Director*
Martin Escobari		Independent Director
Stelleo Tolda		Independent Director
* Member of Arco’s Audit Committee.

About Arco Platform Limited (Nasdaq: ARCE)

Arco has empowered hundreds of thousands of students to rewrite their futures through education. Our data-driven learning methodology, proprietary adaptable curriculum, interactive hybrid content, and high-quality pedagogical services allow students to personalize their learning experience with while enabling schools to thrive.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” “project” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements speak only as of the date hereof and are based on Arco’s current plans, estimates of future events, expectations and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of Arco’s Class A common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond Arco’s control. Therefore, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. Arco does not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this press release because of new information, future events or other factors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210809005850/en/

FAQ

What is the reason for the resignations of Arco's board members?

The resignations are part of a strategic renewal process initiated to promote new insights into the business environment and company strategy.

Who are the new members of Arco's Board of Directors?

The Board now consists of three members from the controlling family and five independent directors.

How might the board changes impact Arco (Nasdaq: ARCE)?

The board changes may lead to new strategies and improved decision-making, but the loss of experienced members could affect governance continuity.

When did the resignations of the board members become effective?

The resignations of Mr. Doberti and Mr. Peixoto became effective immediately on the day of the announcement.