StoneCo Ltd. Announces New Independent Member of Board of Directors and Audit Committee

Rhea-AI Summary

StoneCo Ltd. (NASDAQ: STNE) appointed Mrs. Luciana Ibiapina Lira Aguiar to its Board of Directors on May 21, 2020. She will also serve on the Audit Committee, replacing Mr. Ali Mazanderani, who remains on the Board. Aguiar brings over 25 years of experience in tax law, having previously served as managing partner at Bocater, Camargo, Costa e Silva Advogados and as a tax partner at PwC. She holds multiple degrees in law and economics and a Master’s in Tax Law. The current Board now includes Aguiar along with six other members.

Positive

• Mrs. Aguiar's appointment brings extensive tax law expertise and experience in auditing standards to the Board.
• Her independence under SEC regulations strengthens Board governance.

Negative

• Concerns may arise regarding continuity as Mr. Mazanderani steps down from the Audit Committee, potentially impacting committee dynamics.

GEORGE TOWN, Grand Cayman, May 27, 2020 (GLOBE NEWSWIRE) -- StoneCo Ltd. (NASDAQ: STNE) (“Stone” or the “Company”) announced that its Board of Directors resolved, on its meeting of May 21, 2020, to appoint Mrs. Luciana Ibiapina Lira Aguiar to the Board of Directors, effective immediately, and at the same meeting, elected to the Audit Committee, as replacement for Mr. Ali Mazanderani, who stepped out of the Audit Committee, but remained, nonetheless, as a member of the Board of Directors. Ms. Aguiar is independent under the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) and the listing standards of the Nasdaq Stock Market.

Mrs. Aguiar has over 25 years of professional experience in tax law. Prior to joining the board of directors of Stone, Mrs. Aguiar was the managing partner of law firm Bocater, Camargo, Costa e Silva Advogados for over 3 years and a tax lawyer for law firm Mariz de Oliveira e Siqueira Campos Advogados for 2 and half years. Mrs. Aguiar was previously a tax partner at PwC, from 1994 to 2012, where she was responsible for tax audit and tax consulting, with relevant knowledge of auditing standards, tax and accounting legislation, regulation of publicly-held companies. Mrs. Aguiar is Professor of Tax Law courses at GVlaw - FGV Direito - São Paulo, and holds bachelor degrees in Law, Economic Sciences and Accounting Sciences from Pontifícia Universidade Católica de São Paulo and a Master degree in Tax Law from Fundação Getúlio Vargas.

With Mrs. Aguiar’s appointment, Stone’s current Board members are Mr. André Street, Mr. Eduardo Cunha Monnerat Solon de Pontes, Mr. Thomas A. Patterson, Mr. Ali Mazanderani, Mr. Roberto Moses Thompson Motta, Mr. Sílvio José Morais and Mrs. Aguiar.

The Audit Committee consists of three members, namely Mr. Roberto Moses Thompson Motta, Mr. Sílvio José Morais and Mrs. Aguiar, who satisfy the criteria of audit committee financial expert as set forth under the applicable rules of the SEC.

About Stone
Stone is a leading provider of financial technology solutions that empower merchants to conduct commerce seamlessly across multiple channels and help them grow their businesses.

Contact:
Investor Relations
investors@stone.co 
https://investors.stone.co/

Source: StoneCo Ltd.

FAQ

Who is Luciana Aguiar and what is her role at StoneCo?

Luciana Aguiar has been appointed to the Board of Directors and the Audit Committee of StoneCo, bringing over 25 years of tax law experience.

When was Luciana Aguiar appointed to the Board of StoneCo?

Luciana Aguiar was appointed to the Board of StoneCo on May 21, 2020.

What experience does Luciana Aguiar bring to StoneCo?

Aguiar has extensive experience in tax law, having held positions at PwC and other law firms, and she is an academic in tax law.

What changes occurred in the Audit Committee of StoneCo?

Luciana Aguiar replaced Ali Mazanderani in the Audit Committee, which now consists of three members including her.