StoneCo Announces Forthcoming Board of Directors Changes

GEORGETOWN, Cayman Islands, March 18, 2024 (GLOBE NEWSWIRE) -- StoneCo Ltd. (Nasdaq: STNE; B3: STOC31) (“Stone” or the “Company”) is announcing a planned transition within the Board of Directors. After a decade of fundamental contributions, our founder, Mr. André Street has chosen not to seek re-election at the upcoming Annual General Meeting (“AGM"), which will occur by the end of April 2024. In similar vein, Mr. Conrado Engel, our Vice Chairman, and Patricia Verderesi Schindler, will also not seek re-election, having completed their two-year commitment to the Company. In preparation for this transition, the proposal is to appoint Mr. Mauricio Luchetti as the new Chairman, and Mr. Gilberto Caldart as the Vice-Chairman of our Board of Directors pursuant to the terms of the Company’s Articles of Association, subject to the vote of the majority of the shareholders. Additionally, we expect to nominate Mr. José Scheinkman to join the board.

This transition represents a natural step in StoneCo's evolution and comes on the heels of a strong result, which closed 2023 with record-breaking net income, volume, revenue and client satisfaction with a clear strategy unveiled at its Investor Day. Mr. Street remains committed to Stone, continuing as its Reference Shareholder and having additional rights in the Company’s Shareholders' Agreement and Articles of Association.

The selection process for the new Chairman has been meticulously orchestrated by the People Committee. The candidates, Mauricio Luchetti for Chairman and Gilberto Caldart for Vice-Chairman, have been chosen based on their technical skillset, industry and company knowledge, ensuring a smooth transition. Mr. Luchetti has been on the Board since April 2022 and has extensive experience with People and Management, and Mr. Caldart has more than 14 years of experience in the payments industry. In connection with these changes, the committees will be reorganized having the following composition:

People Committee: Mauricio Luchetti*, Silvio José Morais, and Thiago Dos Santos Piau
Finance Committee: Gilberto Caldart, Silvio José Morais*, and Thiago Dos Santos Piau
Audit Committee: Diego Fresco Gutierrez*, Luciana Ibiapina Lira Aguiar, and Mauricio Luchetti
Risk Committee: Gilberto Caldart, José Alexandre Scheinkman, and Luciana Ibiapina Lira Aguiar*
* Chairperson

"Stone has shaped up to be an incredibly well-structured company, boasting a technically proficient and largely independent board. The board comprises individuals deeply dedicated to the company's success and governance, instilling me with the utmost confidence as I pass the reins to those who share a deep respect for Stone’s entrepreneurial spirit. The management team now also possesses a remarkable blend of experience, in-depth knowledge of the business, and a genuine passion for our clients, all of which are emblematic of the culture upon which we have founded Stone. This unique mix has been key to our latest results and the substantial enhancements in our organizational structure over the last couple of years," says André Street, Stone’s founder.