XP Inc. (XPBR31) will undergo a series of changes to its executive body and board of directors. The movements begin to take place at the company’s next general shareholders’ meeting (AGE), scheduled for May 24th. On that occasion, four new independent directors must be elected and join Martín Escobari, executive at General Atlantic and independent member of the board from XP since 2013.
Among the new names, three are experienced executives from the banking sector. Oscar Rodriguez Herrero, who until the beginning of this year was part of Nubank’s executive risk committee, has 27 years of experience in risk management, private equity and strategic consultancy. José Luiz Acar Pedro, worked at Bradesco, Banco Pan, Safra and was on the executive committee of BTG Pactual. João Roberto Gonçalves Teixeira is the former CEO of Banco Votorantim and was also head of Copersucar.
Another nomination is that of Melissa Werneck, an executive at Kraft Heinz, where she serves as global people director and leads diversity and inclusion efforts. A specialist in human resources, she is also an advisor to the Kraft Heinz Foundation.
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According to XP, the new board was designed strategically, to bring complementary skills and “maximize support to the executive team”. With the new composition, five of the nine members of board will be independent. Guilherme Benchimol, founder of XP, remains president of the board.
“These professionals were identified through a thorough process, supported by third-party experts, and we are confident that they will contribute to XP’s strategy, cultural development, risk management and governance,” he said in a statement.
Change of CFO
As of August 1st, Bruno Constantino will step down as CFO of XP Inc., passing the baton to Victor Mansur, current deputy financial director. The executive has been with the company since 2012 and reported to Constantino for almost two years. He served at the company as executive director, head of treasury and head structuring, marketing and sales.
“Victor has been essential to the growth of XP Inc. over the last decade, in a financial services ecosystem that serves more than 4.5 million active customers,” says Thiago Maffra, CEO of XP, in a statement. “His in-depth knowledge of our strategy and operations, as well as the experience he has gained overseeing much of the day-to-day activities of the finance function over the past few years, make him a natural choice to assume the CFO role.”
Constantino will continue to be part of the “non-independent” part of XP’s board of directors, along with partners Gabriel Leal, Bernardo Amaral and Guilherme Benchimol. As an advisor, he will also be part of two new committees, in addition to two existing ones (audit and remuneration): risk, credit and ESG; and the strategy and performance committee.
The current director of investor relations, André Parize, will be appointed from August 1st and will report to Victor Mansur.
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