Benchimol reveals for the first time how an American study consolidated its decision to step down as CEO of XP

Benchimol reveals for the first time how an American study consolidated its decision to step down as CEO of XP
Benchimol reveals for the first time how an American study consolidated its decision to step down as CEO of XP

Bradley Hendricks, Travis Howell and Professor Christopher Bigham are likely not even aware of this, but a study conducted by the trio and published in the Harvard Business Review last year showed Guilherme Benchimol, founder of XP, that he made the right decision not long ago. more than a year ago, when he decided to step down as CEO of XP Inc. and passed the baton to Thiago Maffra.

In summary, the study of 2,000 publicly traded companies indicates that, in general, the presence of a founder as CEO of a company increases its value by about 10% at the time of going public (IPO, its acronym in English). ). But that changes quickly in the sequel. Three years after the IPO, this “premium” drops to zero and, from then on, the presence of the founder in the CEO chair becomes a disadvantage, with a loss of value for the company.

“I read the study and kept it. I love facts and data. And perhaps the greatest merit that I have had in the company in all these years has been the ability to change people, to not be afraid to make change”, explained Benchimol to Martin Escobari, co-president of private equity manager General Atlantic on the podcast. “Breakthrough Labs”, available since yesterday on podcast platforms.

According to Benchimol, after XP’s listing on the US Nasdaq stock exchange in December 2019, his schedule became much more complicated. “I started to have a very intense agenda with investors, to be very demanded in commercial agendas and these things were difficult to delegate. In Brazil, we say that the duck is an animal that walks, swims and flies, but doesn’t do anything right. I was feeling a bit like a duck, I couldn’t concentrate on what I thought was important.”

The decision to hand over the baton to Thiago Maffra, current CEO of XP, was announced in March of last year and confirmed two months later. To Escobari, Benchimol said that Maffra, who was then in charge of XP’s technology team, already had a natural leadership and was more detail-oriented and organized than he was. “The founder talks a lot with his stomach, he is more passionate. That’s good and bad. Sometimes passion is overdone,” admitted Benchimol, who served 20 years as CEO.

Now chairman of XP’s board of directors, Benchimol says he and Maffra complement each other. “Thiago worries about the next three years, and I look at it from the third to the tenth,” he says. “Every long-term founder and CEO should make a similar transition. When you’ve been in this position for a long time, you realize that other people would do better. And he also realizes that he could use the time available to do even more amazing things for the company.”

In the 40-minute podcast, Guilherme Benchimol criticized banking concentration, stressing that today 90% of financial services are concentrated in five banks, explained how General Atlantic helped in the evolution of XP, recounted the beginning of XP and his life as an entrepreneur ( entrepreneurship is today his great flag), explained the concept of meritocracy at XP and revealed that if he could have dinner with one person today, he would choose to sit at the table with Ayrton Senna, a Formula 1 driver who died in 1994.

General Atlantic has been a shareholder in XP since 2012 – and Martin Escobari at the time was already a partner at GA who sat on XP’s board. The manager reached 49% of the institution’s capital, reduced its participation in the IPO and subsequent sales and recently announced that it has returned to buy shares, raising its participation to 5.7% of the capital.

The “Breaktrough Labs” podcast is available on Spotify. The study that relates the role of CEOs and the value of companies can be obtained at this link and the text published in the Harvard Business Review is available here.

The article is in Portuguese

Tags: Benchimol reveals time American study consolidated decision step CEO

NEXT Mega-Sena can pay BRL 300 million this Saturday, the biggest prize in history | lotteries
-

-

-

-