XP Inc. announced a realignment of interests in XP Control LLC as part of a leadership transition, with Thiago Maffra and José Berenguer expected to become voting interest holders alongside existing controllers, while Bruno Constantino Alexandre dos Santos, Bernardo Amaral Botelho, and Gabriel Klas da Rocha Leal will exit as partners. ControlCo's beneficial ownership of Class A shares will decrease to 18%, but it will retain at least 69% voting power.
Key takeaways
Thiago Maffra and José Berenguer to become holders of voting interest in XP Control LLC
Guilherme Dias Fernandes Benchimol, Fabricio Cunha de Almeida, and Guilherme Sant’Anna to remain controllers
Bruno Constantino Alexandre dos Santos to immediately cease as partner; Bernardo Amaral Botelho and Gabriel Klas da Rocha Leal to become non-voting partners
ControlCo acquires exiting partners' voting equity interests for cash and Class A common shares
ControlCo beneficial ownership of Class A shares decreases to 18% (assuming Class B conversion)
ControlCo retains at least 69% voting power of XP; Guilherme Dias Fernandes Benchimol remains majority unitholder
Exiting individuals remain XP Board of Directors members