On February 22, 2022, Mário Mello Freire Neto notified the board of directors of the Valor Latitude Acquisition Corp. of his decision to resign as Chief Executive Officer, effective immediately, in order to devote additional time to other matters. Mr. Mello will remain a director of the Company. On February 22, 2022, Hélio Lima Magalhães was appointed as Chief Executive Officer of the Company, effective immediately, to serve on a permanent basis. Mr. Magalhães has served the Company as an independent director, and as chair of the Company's audit committee and member of the Company's compensation committee and nominating and corporate governance committee. There is no arrangement or understanding between Mr. Magalhães and any other person pursuant to which he was named Chief Executive Officer of the Company. Mr. Magalhães will continue his service as director and member of the Company's nominating and corporate governance committee following his appointment as Chief Executive Officer. The Board has determined that Mr. Magalhães is no longer independent as a result of his appointment as Chief Executive Officer, and therefore, he has resigned as a member of the Company's audit committee and compensation committee.
Following Mr. Magalhães resignation from the Company's audit committee and compensation committee, the Board appointed, effective immediately, (1) current independent board member, Barry L. Engle, to replace Mr. Magalhães on, and to serve as chair of, the audit committee, on a permanent basis and (2) current independent board member, Brian P. Brooks, to replace Mr. Magalhães on the compensation committee, on a permanent basis.