(Bloomberg) -- XP Inc., one of Brazil’s largest brokerage firms, appointed Victor Mansur as its new chief financial officer and will elect four new independent directors to its board, according to a Friday statement. 

Mansur starts his new role on August 1, replacing Bruno Constantino, who will remain a member of XP’s board of directors. Mansur, who joined XP in 2012, currently serves as the company’s deputy chief financial officer, a role he has held since 2022. 

The brokerage is looking to create a majority-independent board with the addition of new four directors with experience in areas such as risk management, credit and banking. These directors — Oscar Rodriguez Herrero, José Luiz Acar Pedro, João Roberto Gonçalves Teixeira and Melissa Werneck — will be elected at the firm’s annual shareholders meeting on May 24, according to the statement. Martín Escobari, also an independent director, will remain on the board.

Following the elections, the board will have five independent directors, three non-independent directors, and Guilherme Benchimol, XP’s founder and chairman.

“This will ensure a greater voice for shareholders not affiliated with the Company’s controlling shareholders while enhancing the skill set represented on the board,” according to the statement.

The company also announced the formation of two new board committees, in addition to its existing audit and compensation committees.

“We believe that investors will welcome the corporate governance improvement effort,” Goldman Sachs analyst Tito Labarta wrote in a note to clients.

XP’s shares rose 3.6% on Friday as of 9:45 a.m. in New York. The stock is down 21% this year as of the last close.

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