StoneCo Ltd. announced several Board-refreshment actions to support the next stage of the Company's growth. To maintain its strong focus on governance and benefit from fresh perspectives on the business and marketplace,
the StoneCo Board has approved the appointment of two new Directors, Conrado Engel and Pedro Zinner. Both new Directors bring extensive knowledge in financial services and the leadership of large companies in Brazil, which
are critical areas to Stone's next phase of growth. Mr. Engel, who is a former Senior Executive Vice President at Banco Santander Brasil, CEO of HBSC Brazil, CEO of Losango Consumer Finance and has decades of experience
leading financial services and credit businesses, will become Vice-Chairman of the Board. Mr. Zinner is currently CEO of Eneva, a leading power-generation company in Brazil, and has more than 25 years of experience in strategy, risk management and finance. As part of this evolution, Eduardo Cunha Monnerat Solon de Pontes, Ali Mazanderani and Thomas A. Patterson have agreed to retire from the Stone Board after many years of service that began prior to the Company's IPO. The appointments of Mr. Engel and Mr. Zinner as well as the resignations of Mr. Pontes, Mr. Mazanderani and Mr. Patterson are effective immediately.
StoneCo Ltd. is a provider of financial technology and software solutions. The Company has designed its cloud-based technology platform, namely the Stone Business Model, for its clients to connect, get paid and grow their businesses. The Companyâs segments include financial services and software. In financial services, it offers payments, digital banking and credit solutions, focused mainly on micro, small and medium businesses (MSMBs). In software, it offers point of sale (POS) and enterprise resource planning (ERP) solutions for different retail and service verticals, customer relationship management (CRM), engagement tools, e-commerce and Omnichannel solutions, among others. It also provides digital product enhancements to help its merchants improve their consumersâ experience, such as its split-payment processing, multi-payment processing, recurring payments for subscriptions, and one-click buy functionality. It provides its clients with store, life and health insurance solutions.