StoneCo Ltd. Announces New Member of the Board of Directors

Rhea-AI Summary

On July 5, 2021, StoneCo Ltd. (NASDAQ: STNE) appointed Diego Fresco Gutierrez to its Board of Directors. Gutierrez, a Certified Public Accountant with significant experience, previously served on the Audit Committees of various financial institutions. He replaces Roberto Thompson Motta, who resigned from the Audit Committee. The new Audit Committee will now include Sílvio Morais as Chairman, Luciana Aguiar as Vice Chairman, and Gutierrez. This change aims to enhance Stone's governance with his financial expertise.

Positive

• Appointment of Diego Fresco Gutierrez expected to strengthen the Board with his extensive financial background.
• Gutierrez's experience in audit committees may enhance oversight and governance.

Negative

• Roberto Thompson Motta's resignation may raise concerns about continuity in the Audit Committee.

GEORGE TOWN, Grand Cayman, July 15, 2021 (GLOBE NEWSWIRE) -- StoneCo Ltd. (NASDAQ: STNE) (“Stone”) announced that pursuant to written resolutions of its Board of Directors dated July 5, 2021, Mr. Diego Fresco Gutierrez was appointed to the Board of Directors, effective immediately.

Diego Fresco Gutierrez graduated in Accounting in 1994 at Universidad de la República Oriental del Uruguay. Diego is a Certified Public Accountant registered in the state of Virginia and an Accountant registered with the Conselho Regional de Contabilidade – SP in Brazil. He is currently a member of the Audit Committee of Votorantim Cimentos S.A. and of Itau Corpbanca Chile (NYSE: ITCB), where he also is an alternate director, and of Itau Corpbanca Colombia. Between 2014 and 2021, he was a member and financial specialist of the Audit Committee of Itaú Unibanco Holding. Previously, he was a partner at PricewaterhouseCoopers in São Paulo (2000-2013). Between 1998 and 2000, he held various positions at PricewaterhouseCoopers in Uruguay and in the United States. Since 2013, he is a member of the Commission on Governance of Financial Institutions of the IBGC.

With Mr. Gutierrez’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, Ms. Luciana Aguiar, Mr. Franceschi, Mr. Scherer and Mr. Gutierrez.

At the same meeting of the Board of Directors, Mr. Roberto Thompson Motta resigned from his position as a member of the Audit Committee and the Board of Directors approved the appointment of Mr. Gutierrez to the position. Therefore, the Audit Committee shall now be composed of Sílvio Morais (Chairman), Luciana Aguiar (Vice Chairman) and Mr. Gutierrez. The composition of the Company’s Compensation, Finance, Technology and Related Parties Committees remains unchanged.

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

FAQ

Who was appointed to the Board of Directors of StoneCo on July 5, 2021?

Diego Fresco Gutierrez was appointed to the Board of Directors on July 5, 2021.

What is Diego Fresco Gutierrez's background?

Diego Fresco Gutierrez is a Certified Public Accountant with experience in audit committees and was a partner at PricewaterhouseCoopers.

Who resigned from the Audit Committee of StoneCo?

Roberto Thompson Motta resigned from his position on the Audit Committee.

What are the new members of the Audit Committee after Gutierrez's appointment?

The new Audit Committee members are Sílvio Morais (Chairman), Luciana Aguiar (Vice Chairman), and Diego Fresco Gutierrez.

How might Diego Fresco Gutierrez's appointment impact StoneCo?

Gutierrez's financial expertise is expected to enhance governance and oversight within the company.