StoneCo CEO Thiago Piau to leave post

  • Push-out Score determined
  • After about five years in the position
  • Accolades for Piau
  • Pedro Zinner taking over
  • Piau will remain as Board member at StoneCo
  • Piau said 108 words

(exechange) — Georgetown, Cayman Islands, November 3, 2022 — Thiago Piau, chief executive of StoneCo, is set to leave his position. As announced by StoneCo Ltd. in a news release on Thursday, November 3, 2022, Thiago Piau will leave his post as chief executive officer at the provider of financial services and software solutions for merchants in Brazil, after about five years in the role.

Thiago Piau’s duties as CEO will be taken over by Pedro Zinner, currently Chief Executive Officer at Eneva SA.

StoneCo stated: “Pedro Zinner, current Board member of StoneCo, will step-down from the Board and succeed Mr. Piau as CEO. Mr. Zinner will join Stone’s executive team no later than March 31st, 2023 and will begin working closely with Mr. Piau and the management team in a transition period before taking on the CEO role.”

Already a director

Zinner is already a director of StoneCo. Directors-turned-executives represent a blend of outsider and insider.

They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.

Having been a director, Zinner understands the expectations and dynamics of the board and has knowledge of StoneCo’s organization, risk-management practices and strategy.

“Pedro is the right person to guide Stone into the next phase”

StoneCo did not give an explicit reason for Thiago Piau’s departure from the CEO post. Piau said: “I believe Pedro is the right person to guide Stone into the next phase, and I’m excited to work with him and support him in this transition process in the best way possible.”

Piau will remain as Board member at StoneCo

“Thiago Piau, current CEO, will become a Board member of the Company, where he will focus his attention on developing key strategic and financial initiatives to help drive the future expansion of StoneCo,” StoneCo said.

Share price decline since November 2020

The announcement follows a decline in StoneCo Ltd.’s share price of 80% since November 2020.

In the position of CEO since 2017

Thiago Piau became CEO of the Company in 2017.

Prior to 2017, he was the Company’s Chief Operations Officer and prior to 2016, he was the Company’s Chief Financial Officer.

He is a partner at ACP Investment Ltd. – Arpex Capital, where he was responsible for the definition of the business strategy, investment structuring, merger and acquisition transactions and oversees the management of portfolio companies.

In 2011, he founded Paggtaxi, a company that facilitated the payment of taxi rides through a mobile app and credit card machines, where he served as a partner until 2013.

Piau conducted studies in mechanical engineering at Universidade Federal do Rio de Janeiro from 2007 to 2011 and participated in the Key Executive Program at Harvard Business School in 2013.

He also participated in the Owner President Manager Program at Harvard Business School in 2018.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding Thiago Piau’s move on a scale of 0 to 10.

exechange reached out to StoneCo and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 45.2022 ($).