CVC (CVCB3) suffers on Ibovespa today after CEO resignation

The shares of CVC (CVCB3) suffer a strong drop in the Ibovespa today this Thursday (25). The movement takes place one day after the resignation of Leonel Andrade as CEO of the tourism company. In the view of Mateus Haag, from Guide Investimentos, this movement further complicates the company, which is in a “difficult operational and financial situation”.

“The departure of the CEO without a clear transition plan should make the company’s recovery even more difficult and be poorly received by investors”, added Haag in a report released on Thursday.

Around 4:50 pm, CVC shares were trading down 4.63%, at the price of R$ 2.66. Thus, these stocks lead the ranking of falls in the ibovespa today.

According to the Status Invest mapping, in the last twelve months, the CVC shares fell 76.88% in the last twelve months. Check the ranking:

What happened to the CVC?

Leonel Andrade resigned as CEO last Wednesday (24). According to information released by the company, the departure was motivated by personal issues. Thus, CVC’s Board of Directors hastily created a transition committee to direct the company until the arrival of its next leader.

“It was three intense years, with a lot of dedication and a lot of business, in which I fell in love with CVC Corp and our people. I am proud to have led the best team of tourism professionals and to have contributed to making the company more solid, sustainable and with a strong culture of governance”, he said. Leonel Andrade in a statement sent by CVC to the press.

Andrade had been in charge of CVC since March 2020, the beginning of the pandemic. He was part of the Board of Directors of BR Distribuidora, today Vibra Energia (VBBR3), and of Lojas Marisa (AMAR3). It also has tickets for Smiles, Credicard and Visa.

In addition to the post of CEO, the executive acted as the company’s CFO on an interim basis. O CVC transition committee is being led by Sandoval Martins, one of the company’s directors.

Valdecyr Gomes, president of the Board of Directors of CVChighlighted in the statement that Andrade was responsible for an intense organizational transformation in the company.

“Leonel Andrade completed an important stage assigned to him, having taken over the company at the height of the pandemic and carried out, over the period, an intense organizational transformation, which culminated in the digitalization of the business, with the largest investment in history in technology, innovation, governance, people and sustainability, and debt reduction”, justified the executive of the CVC.