Business

Brazil's largest brokerage firm, XP announces that its founder Guilherme Benchimol will no longer be its CEO

The surprising announcement comes at a time when XP, created by Benchimol two decades ago, expands, eyeing the goal of having around BRL 1.4 trillion under management

Thiago Maffra, on the left, named XP's next chief executive, alongside founder Guilherme Benchimol, current CEO
Thiago Maffra, on the left, named XP's next chief executive, alongside founder Guilherme Benchimol, who will take over as chief executive officer of the board of directors. March, 2021. Photo: Courtesy/Reuters.
Ler em português
  • According to XP’s investor relations website, Benchimol, born in 1976, has held the position of chairman of the company’s board of directors since August 2019;
  • It was not immediately clear what additional duties he may have as executive chairman of the board.

Brazil’s largest brokerage, XP announced on Friday that its current chief technology officer Thiago Maffra will be its next CEO, succeeding Guilherme Benchimol, who will take over as executive chairman of the company’s board of directors.

The surprising announcement comes at a time when XP, created by Benchimol two decades ago, expands its product and service portfolio to compete with major Brazilian retail banks. On Wednesday, it launched its credit card, as part of an offensive to have about BRL 1.4 trillion in resources under its management.

READ ALSO: Brazil’s broker Modalmais files for IPO to finance acquisitions and expand credit

“As the founder and major partner of XP, I made the decision to dedicate most of my time and energy to the company’s strategic growth and to our main innovation, expansion, partnerships, and acquisitions initiatives, in addition to the continuous development of our culture, and our team,” said Benchimol in a statement.

According to XP’s investor relations website, Benchimol, born in 1976, has held the position of chairman of the company’s board of directors since August 2019. It was not immediately clear what additional duties he may have as executive chairman of the board.

READ ALSO: Brazilian broker XP commits itself to have half of its staff made up of women by 2025

Maffra, 36, started his career on the operating table and focused on the technology sector after his MBA at Columbia Business School, in the U.S. He joined XP in 2015 and will take over as president of the company on May 12.

In February last year, XP was valued at $ 19 billion and became the largest IPO from a Brazilian company in Nasdaq.

Translated by LABS

Get the best insights about Latin America market in your inbox