StoneCo Ltd. announced that Thiago Piau, the 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. Pedro Zinner, a 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 31, 2023 and will begin working closely with Mr. Piau and the management team in a transition period before taking on the CEO role.

Partner of Stone since 2013 and leading the Company since the end of 2017, Mr. Piau has conducted an important cycle of expansion and innovation. Under his leadership, the Company grew its annualized revenue by over 12x to BRL 9.2 billion in the second quarter of 2022, increased its payments client base from 103,000 to over 2 million clients, launched its suite of banking solutions, and established Stone as the leading retail software provider in Brazil through its acquisition of Linx. Mr. Zinner was most recently the CEO of Eneva, one of the leading power-generation companies in Brazil, from 2017 to November 2022.

During his leadership, Eneva produced strong growth and efficiency, increasing its installed capacity by over 186% and its Return on Equity (ROE) from 1.5% to 17.3%. He has more than 25 years of management and leadership experience in strategy, risk management and finance at Eneva, BG Group, and Vale, which he brings to StoneCo.