In a letter released on Monday, the 6th, Hapvida CEO Jorge Pinheiro announced he will step down from leading the company to take a position on the board of directors.
“At the next board meeting, I end a 27-year cycle as CEO to take on a new position on the board,” said Pinheiro, who confirmed the choice of Luccas Adib as the next CEO.
“I recognize, however, that recent financial results have fallen short of what we are capable of delivering. We could have done more and better. This awareness drives us,” Pinheiro states in the letter, where he also highlights that deleveraging will be a priority.
Last week, the investment firm Squadra released a letter calling for changes on the company’s board of directors and criticizing the firm’s governance.
In his detailed letter, Pinheiro addressed clients, shareholders, employees, and partners. He reflected on the company’s growth since 2000, when it was an operator with just over 100,000 covered lives and a small proprietary network.
He described the recent years as one of the most demanding phases in the company’s history, involving numerous integrations, difficult decisions, and relevant learnings. Pinheiro stated the company is now entering a new moment, more agile and focused, with major integrations completed.
While expressing pride in recent advances in care quality and clinical results, Pinheiro reiterated his acknowledgment of the recent financial performance. He stated that the choice of Luccas Adib as the next CEO reflects a conviction that the future requires new competencies and perspectives.
Pinheiro said the opportunities ahead are enormous, with clear leverage in commercial, operational, and administrative areas, all enhanced by technology. He pointed to the company’s data as one of the largest and most valuable assets in the sector.
From the board, Pinheiro said he will remain close, supporting and demanding. The commitment, he said, will be to ensure discipline, meritocracy, and an absolute focus on results to quickly recover the company’s historical profitability levels.
He confirmed that deleveraging will be a priority and mentioned the ambition to move forward with agility, which could involve divestments in less strategic assets.
Pinheiro concluded by stating that promoting quality, accessible health care is perhaps one of the greatest challenges of our time and a mission his family remains dedicated to with a long-term view.
The letter from Squadra last week added external pressure for change at the healthcare company. The investment manager’s public critique focused on governance and board composition, signaling investor scrutiny as the leadership transition was being prepared.
- Brazil Markets Iron Ore Oil Petrobras Vale In Focus - abril 7, 2026
- Brazil mill kicks off 2026/27 harvest season - abril 7, 2026
- Brazil Updates: Major Firms Including Vale, MRV - abril 7, 2026
