Inter&Co Announces New Members to Its Board of Directors

Rhea-AI Summary

Inter&Co has expanded its Board of Directors, appointing Antonio Kandir, Todd Chapman, and Lorival Luz as new interim directors, bringing the total members to ten. This decision follows a strategic plan aimed at growth and profitability, with appointments subject to shareholder approval in April. Kandir, a former Minister, brings significant economic expertise; Chapman, a former U.S. diplomat, will support international expansion; and Luz, former CEO of BRF, has extensive finance experience. The company thanks retiring directors Thiago Piau and Carlos Medeiros for their contributions.

Positive

• Addition of experienced directors Kandir, Chapman, and Luz, offering diverse expertise.
• Focus on strategic objectives aligns with company growth and profitability goals.

Negative

• Retirement of two directors could create continuity concerns in leadership.
• Potential experience gaps in the board due to this change.

Antonio Kandir, Lorival Luz and Todd Chapman join Inter&Co’s Board of Directors

BELO HORIZONTE, Brazil, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Inter&Co (“Inter”, Nasdaq: INTR and B3:INBR32), the premier Super App providing financial and digital commerce services to more than 25 million customers in Brazil and the US, announced today changes to the composition of its Board of Directors. These changes include the appointment of three new Directors and the retirement of two existing Directors, resulting in the expansion of the Inter&Co Board of Directors to ten members.

Effective immediately, Antonio Kandir, Todd Crawford Chapman and Lorival Nogueira Luz Júnior have been appointed and join the Board under the Interim format until Inter’s 2023 Annual General Meeting, to be held in April, when their appointments will be submitted for shareholder approval.

About Inter&Co’s New Interim Directors:

• Antonio Kandir is a former Minister of State of Planning and Budget. He sits on the Board of Directors of several Brazilian companies, including GOL, Aegea, CPFL, CSU Digital and MRV. Mr. Kandir will also begin to serve as a member of the Audit Committee of Inter&Co and remain a member of the Audit Committee of Banco Inter S.A., a subsidiary of Inter&Co. Kandir has a solid background in economics.
• Todd Chapman is a former U.S. diplomat, having served in several key roles, including U.S. Ambassador to Brazil. He has also served at Inter&Co’s Advisory Board, working closely in the international expansion into the U.S., and now he will continue to have an important role helping Inter with the international expansion.
• Lorival Luz is a highly recognized executive and the former CEO of BRF (NYSE:BRFS), one of the largest global food companies with a presence in more than 100 countries around the world. Lorival has significant acknowledgement in finance and will also help Banco Inter S.A. participating on the Asset & Liability Committee.
  

Concurrently, Thiago dos Santos Piau and Carlos Henrique Carneiro de Medeiros have retired from the Board of Directors. Inter thanks Mr. Piau and Mr. Medeiros for their dedication to the Board and valuable contributions to help Inter achieve strong growth and multiple significant milestones.

"Following the recent release of our five-year business plan, we are evolving the composition of our Board to match Inter’s strategic objectives as we enter a new phase of growth and profitability and help position the Company to reach new milestones. Our new Board members were carefully chosen to guide and support the management team as it continues to execute on key priorities: the continuous development of Inter's Super App, our international expansion, and our focus on profitability," said João Vitor Menin, Inter&Co CEO.

Rubens Menin, Inter&Co Chairman of the Board, added, "I am honored to chair this highly qualified Board, with the addition of Kandir, Todd and Lorival. Their contributions and insights will be important in this new stage of our development."

The changes announced today increase the number of Board members at Inter&Co to ten members, of which five are independent directors. A full list of Inter&Co’s Board members and their biographies can be found at: https://ri.bancointer.com.br/en/corporate-governance/board-of-directors-executives-and-committees/.

About Inter&Co 
Inter&Co is the holding company of Inter Group and indirectly holds all of Banco Inter’s shares. Inter is the premier Super App providing financial and digital commerce services to more than 25 million customers in Brazil and the US. We offer a complete range of solutions, including banking, investments, credit, insurance and cross-border services, in addition to a marketplace that brings together the best retailers in Brazil and the United States.

Contacts:
Grayling
Lucia Domville / Fabiane Goldstein
M +1 646. 824.2856/ +1 945.625.4793
lucia.domville@grayling.com / fabiane.goldstein@grayling.com

FAQ

What recent changes occurred in the Board of Directors of Inter&Co (INTR)?

Inter&Co appointed Antonio Kandir, Todd Chapman, and Lorival Luz to its Board of Directors, expanding the board to ten members.

Who are the new interim directors of Inter&Co (INTR)?

The new interim directors are Antonio Kandir, Todd Chapman, and Lorival Luz, each bringing substantial experience in finance and international relations.

What is the reason for these board changes at Inter&Co (INTR)?

The changes aim to align the board with the company's strategic goals for growth and profitability as outlined in its five-year business plan.

When will the appointments of the new directors at Inter&Co (INTR) be finalized?

The appointments will be submitted for shareholder approval at the Annual General Meeting in April 2023.