XP Founder to Step Down as CEO, Putting Tech Head in Spotlight
(Bloomberg) -- After helping turn XP Inc. into Brazil’s largest brokerage over the past two decades, Guilherme Benchimol is seeking to replay the role of an industry disrupter by naming his 36-year-old head of tech as his successor.
XP said Friday Thiago Maffra, the company’s chief technology officer, will replace Benchimol as chief executive officer beginning May 12. Maffra, who started his career as a trader, joined XP in 2015, according to a statement.
Maffra “led the unprecedented and highly successful digital transformation of XP,” Benchimol said in the statement, adding that XP will “remain at the forefront of innovation, disruption and expansion.”
Benchimol will take on a new role of executive chairman, focusing on key growth and strategic initiatives, as well as mergers and acquisitions.
The Sao Paulo-based firm had 660 billion reais ($119 billion) of assets under custody as of Dec. 31. The company went public on Nasdaq in 2019 in a hotly anticipated offering. The stock has climbed 51%, giving XP a market value of $22.8 billion.
Benchimol has been seeking to disrupt Brazil’s financial sector by offering products to the country’s middle-class that were once only available to the rich, forcing local lenders to adapt. XP also recently started a banking business, drawing JPMorgan Chase & Co.’s top boss in Brazil, Jose Berenguer, to lead the new unit.
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