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Cielo's chairman steps down; José Ricardo Fagonde Forni takes over

Late on Friday, Cielo announced the resignation of Mauro Ribeiro Neto as chairman and member of the company's board of directors

Photo: Reuters/Amanda Perobelli
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  • In May, the then CEO of Cielo, Paulo Caffarelli, resigned from his position;
  • Late last Friday, Cielo announced the resignation of Mauro Ribeiro Neto as chairman and member of the company’s board of directors;
  • Also on Friday, the board approved the election of José Ricardo Fagonde Forni.

Brazil‘s largest payment processor firm Cielo announced on Friday the resignation of Mauro Ribeiro Neto as president and member of the company’s board of directors.

Also on Friday, the board approved the election of José Ricardo Fagonde Forni, appointed by the controlling shareholder BB Elo Cartões Participações, an entity owned by Banco do Brasil, to replace Ribeiro Neto.

The inauguration is subject to approval by the country’s Central Bank.

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José Ricardo Fagonde Forni is graduated in Economics by the University of Brasília-UnB, with MBA in Finance by IBMEC and advanced certification in Innovation by IMD (Switzerland), in addition to several courses in finance and risk in Brazil and abroad.

He held the positions of director in several areas at Banco do Brasil, where he is currently vice-president of Financial Management and Investor Relations and serves on the board of directors at BV and EloPar.

In May, the then CEO of Cielo, Paulo Caffarelli, resigned from his position.

Translated by LABS

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