StoneCo Announces Transition in Leadership Roles - Thiago Piau to become Board Member and Pedro Zinner to become CEO

Rhea-AI Summary

StoneCo Ltd. (Nasdaq: STNE) announced a leadership transition on Nov. 3, 2022. CEO Thiago Piau will shift to a Board member role, focusing on strategic initiatives. Pedro Zinner, a current Board member and former CEO of Eneva, will succeed Piau as CEO by March 31, 2023. Under Piau's leadership, annualized revenue surged over 12x to R$9.2 billion, expanding the client base from 103,000 to over 2 million. Zinner brings over 25 years of experience in management, risk, and finance, aiming to enhance support for Brazilian merchants and drive growth.

Positive

• Thiago Piau's transition to Board member may allow for more strategic focus.
• Pedro Zinner’s extensive leadership experience is expected to drive growth.
• Significant revenue growth under Piau's leadership indicates potential for continued success.

Negative

• Transitioning leadership may pose risks to continuity in company strategy.

GEORGETOWN, Cayman Islands, Nov. 3, 2022 /PRNewswire/ -- StoneCo Ltd. (Nasdaq: STNE) ("Stone" or the "Company"), a leading provider of financial services and software solutions for merchants in Brazil, announced today that:

• Thiago Piau, current CEO, will become a Board member of the Company, where he will focus his attention on developing key strategic and financial initiatives to help drive the future expansion of StoneCo.

• Pedro Zinner, current Board member of StoneCo, will step-down from the Board and succeed Mr. Piau as CEO. Mr. Zinner will join Stone's executive team no later than March 31^st, 2023 and will begin working closely with Mr. Piau and the management team in a transition period before taking on the CEO role.

Partner of Stone since 2013 and leading the Company since the end of 2017, Mr. Piau has conducted an important cycle of expansion and innovation. Under his leadership, the Company grew its annualized revenue by over 12x to R$9.2 billion in the second quarter of 2022, increased its payments client base from 103,000 to over 2 million clients, launched its suite of banking solutions, and established Stone as the leading retail software provider in Brazil through its acquisition of Linx.

"I have a strong trust in Pedro and think he has an outstanding combination of personal values and leadership capabilities to manage dynamic and growing organizations", said Mr. Piau. "I believe Pedro is the right person to guide Stone into the next phase, and I'm excited to work with him and support him in this transition process in the best way possible. I believe Stone is well positioned to deliver strong results and Pedro will really help to lead the team and execute on our business plan. I remain committed to Stone as a partner and board member and look forward to supporting Pedro in this new part of our journey".

Mr. Zinner was most recently CEO of Eneva, one of the leading power-generation companies in Brazil, from 2017 to November 2022. During his leadership, Eneva produced strong growth and efficiency, increasing its installed capacity by over 186% and its Return on Equity (ROE) from 1.5% to 17.3%. He has more than 25 years of management and leadership experience in strategy, risk management and finance at Eneva, BG Group, and Vale, which he brings to StoneCo.

"StoneCo has a privileged position in Brazil serving small and medium merchants with recognized customer service excellence and national distribution footprint. We have the opportunity to do much more to support Brazilian entrepreneurs in their growth journeys," said Mr. Zinner. "As I transition to the CEO role, I am excited to work with the Stone team to continue enhancing the many ways we help Brazilian merchants succeed and delivering value for our shareholders. I look forward to working closely with Thiago, the Board and senior management to lead the organization in its next phase of growth and profitability."

View original content:https://www.prnewswire.com/news-releases/stoneco-announces-transition-in-leadership-roles--thiago-piau-to-become-board-member-and-pedro-zinner-to-become-ceo-301668423.html

SOURCE StoneCo.

FAQ

What leadership changes were announced by StoneCo on Nov. 3, 2022?

StoneCo announced that Thiago Piau will become a Board member, while Pedro Zinner will succeed him as CEO by March 31, 2023.

Who is Pedro Zinner and what experience does he bring to StoneCo?

Pedro Zinner is the former CEO of Eneva and has over 25 years of experience in management, strategy, and finance, which he will leverage in his new role at StoneCo.

What key achievements did Thiago Piau accomplish during his tenure as CEO of StoneCo?

Under Piau's leadership, StoneCo's annualized revenue increased over 12x to R$9.2 billion, and its payments client base grew from 103,000 to over 2 million.

What is the potential impact of the leadership transition on StoneCo's future?

The leadership transition may bring fresh perspectives and strategic focus, but it also poses risks related to continuity and the execution of the current business plan.