From startup to Big Tech: Stone brings Luiz André Barroso to the Board

Rhea-AI Summary

StoneCo (STNE) announces the appointment of Luiz André Barroso to its Board of Directors as of April 6, 2023. Barroso, a former VP at Google, will guide the company's technological strategies to enhance its market differentiation. This move aims to solidify Stone's identity as a major tech player while maintaining its startup agility. Following its IPO in 2018 and the acquisition of Linx in 2021, Stone continues to integrate software and financial services to boost its value proposition for clients. The company has also made significant technological hires, including Marcus Fontoura as CTO and João Bernartt as CIO, to streamline operations and support growth.

Positive

• Appointment of Luiz André Barroso to the Board enhances technological expertise.
• Focus on integrating software and financial services improves value proposition.
• Strengthening of the technology team with key hires supports operational growth.

Negative

• None.

The company reaches another milestone in its trajectory to offer the most complete technological platform for entrepreneurs

SÃO PAULO, April 6, 2023 /PRNewswire/ -- On Thursday (6), Stone (Nasdaq: STNE) announced the arrival of Luiz André Barroso to the Board of Directors. Building on the purpose of serving entrepreneurs with a complete technology platform, Stone takes another important step on the path to consolidate itself as a big tech without losing its startup essence.

Barroso, a former VP at Google, joins the Board and will help setting the guidelines for the company's technological performance to increasingly differentiate Stone in the market, leading industry innovations and going far beyond offering financial services and products. This technological evolution trajectory is part of the value generation and business development proposal that had already projected Stone's growth curve since its IPO in 2018.

Since then, the company completed the acquisition of Linx, in 2021, to strength its presence in the market by integrating software and financial services, with the view that this combination enhances Stone's value proposition for its clients through technology.

Last year, the company strengthened its technology team with two important hires: Marcus Fontoura, who took over as CTO, and João Bernartt as CIO. Both have the challenge of aggregating the multiple solutions on integrated platforms, generating greater operational robustness, implementing the engineering culture, and creating the appropriate infrastructure to support the company's exponential growth.

"As a major partner of Brazilian entrepreneurs, Stone already offers solutions that reduce technological complexity so that our partners can focus their efforts on developing their own businesses without worrying about the technology that serves as the basis for them", Stone CTO, Marcus Fontoura, notes. "We increasingly want to be a complete platform for entrepreneurs, bringing together financial services and software designed to leverage our clients' business", he adds.

"Many people saw Stone as a simple service aggregator, they didn't see the company in its full technological capacity. We are seeking to 'break the silos', building cohesive engineering, offering a unified vision of products that provide operational efficiency not only to our company, but also to our customers and partners", Stone CIO, João Bernartt, adds.

The Brazilian Luiz André Barroso is a world reference for his contributions to computer architecture and digital systems. He was an exponent at Google, where he was responsible for the backbone of the company's online services platform, where he coordinated technical roadmaps spanning across the brand's products and worked as Vice President of Engineering on the Core and Maps teams, and as a technical lead in areas such as research and computing platform design.

He is a member of the Association for Computing Machinery and the American Association for the Advancement of Science; of the National Academy of Engineering; of the American Academy of Arts and Sciences, and the recipient of the 2020 ACM/IEEE Computer Eckert-Mauchly Award. He has a master's in electrical engineering from PUC-RJ and a PhD. in Computer Engineering from the University of Southern California. He is co-author of "The Datacenter as a Computer".

View original content:https://www.prnewswire.com/news-releases/from-startup-to-big-tech-stone-brings-luiz-andre-barroso-to-the-board-301792204.html

SOURCE StoneCo.

FAQ

Who has been appointed to the StoneCo Board of Directors in April 2023?

Luiz André Barroso has been appointed to the StoneCo Board of Directors.

What is the significance of Luiz André Barroso's appointment for StoneCo?

His appointment aims to enhance StoneCo's technological strategies and market differentiation.

What recent acquisitions has StoneCo made to enhance its market presence?

StoneCo acquired Linx in 2021 to integrate software and financial services.

What are the roles of the new technology team members at StoneCo?

Marcus Fontoura is the new CTO and João Bernartt is the CIO, focusing on operational robustness and growth.

When did StoneCo go public?

StoneCo went public in 2018.