StoneCo announces board transition and strong financial results

© Reuters.

GEORGETOWN – StoneCo Ltd. (NASDAQ:STNE; B3:STOC31), a leading financial technology firm, has announced significant changes to its Board of Directors as part of a planned transition. Founder André Street will not seek re-election at the company’s Annual General Meeting slated for the end of April 2024.

Vice Chairman Conrado Engel and board member Patricia Verderesi Schindler are also stepping down following their two-year term.

The company has proposed Mauricio Luchetti as the new Chairman and Gilberto Caldart as Vice Chairman, subject to shareholder approval. José Scheinkman is expected to be nominated to join the board. These changes come after StoneCo reported a record-breaking year in 2023, with unprecedented net income, volume, revenue, and client satisfaction.

Street, who will continue as StoneCo’s Reference Shareholder, expressed confidence in the board’s technical proficiency and the management team’s blend of experience and dedication to client service. He highlighted StoneCo’s role in supporting small business entrepreneurs in Brazil and its impact on the national economy, particularly in the payments industry.

The company’s committees will undergo reorganization, with new chairpersons leading the People, Finance, Audit, and Risk Committees. The incoming candidates, Luchetti and Caldart, bring extensive experience in management, the payments industry, and corporate governance to their prospective roles.

StoneCo, approaching its 11th anniversary, has become one of Brazil’s most esteemed companies, serving over 3.5 million clients and processing transactions exceeding 408 billion reais in 2023. The company has been instrumental in reducing costs for small businesses and driving productivity through technology and software development investments.

As StoneCo prepares for its leadership transition, it extends gratitude to Street, Engel, and Schindler for their service and contributions. This announcement is based on a press release statement from StoneCo Ltd.

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