XP now has an independent majority on the board; announces new CFO

XP Inc. announced changes to its board of directors, adding four new independent members, who now make up the majority of the board.

With the appointments, XP now has five independent directors and four appointed by the controller, including Guilherme Benchimol himself.

Brazil’s largest brokerage said that the changes aim to “increase its ability to offer independent supervision and strategic advice” and bring complementarity of skills.

XP also announced a transition process for CFO Bruno Constantino, who will leave his position to remain on the board. The new CFO will be Victor Mansur, the current financial vice president, who has been with the company since 2012 and reported directly to Constantino.

On the board, the new independent directors are:

Oscar Rodriguez Herrerowho has almost three decades of experience in risk management, private equity and strategic consulting, and will be able to contribute to credit and risk management.

Oscar was director of risk at Santander’s global wholesale bank and, until the beginning of this year, a member of Nubank’s executive risk committee.

José Luiz Acar Pedrothe former executive vice-president of BCN and Bradesco, former partner and member of the executive committee of BTG Pactual, former CEO of Banco Pan and former executive president of Banco Safra.

João Teixeirathe former CEO of Copersucar and Banco Votorantim.

Melissa Werneck, who has worked at Kraft Heinz since 2013. She is global chief people officer and leads the company’s diversity and inclusion efforts. Melissa is a specialist in human resources, people management and compensation in multinational organizations.

The fifth independent is Martin Escobari, from General Atlantic, which has been on the XP board since 2013.

Fabrício Almeida, Luiz Felipe Calabró, Frederico Carvalho and Cristiana Pereira are leaving the board.

The non-independent directors are Benchimol, Gabriel Leal, partner at XP for 17 years; Bernardo Amaral, partner and director of risk, legal and compliance; and Bruno Constantino, who had been CFO for five years.

Geraldo Samor