Patria Investments Limited announced that the board of directors of the company has approved effective December 31, 2023 the resignation of Otavio Lopes Castello Branco Neto from the board and the appointment of Peter Paul Lorenço Estermann, Patria?s current Chief of Private Equity Portfolio Management, as a board member. Mr. Castello Branco, one of Patria?s senior managing partners and member of the board will retire. Mr. Estermann is a Partner and PAX?s Chief of Private Equity Portfolio Management since January 2021.

He has over 40 years of professional experience, including 12 years in agribusiness, 10 years in the industry for the transformation of polymers, paper and cellulose and refractory materials, 12 years in telecommunications and health services, and 6 years in retail. Previously, Mr. Estermann was the CEO of GPA (Companhia Brasileira de Distribuição) (from April 2018 to November 2020), where he was responsible for the operations in the region, with over 100,000 employees and a revenue of R$60 billion. Mr. Estermann was also Infrastructure and Strategic Development Officer of GPA from June 2014 to October 2015.

Mr. Estermann has developed his career in different industries and the service sector, and in large and leading companies with different areas of expertise, differentiated in terms of technology, management models and cultures. Mr. Estermann was CEO of Via Varejo S. A. (2015-2018, 2018-2019) and Vice-CEO and Chief Operating Officer of Medial Saúde (2006-2007). Mr. Estermann has held important positions in various European and Brazilian companies since 1981.

Mr. Estermann holds a degree in Agronomy Engineering from the Federal University of Lavras ? Minas Gerais and post graduate studies from Harvard Business School (?Making Corporate Boards more Effective??2008, ?Audit Committees in a New Era of Governance??2008 and ?Program for Management Development/PMD??1999).