StoneCo Loses Another Key Executive as High Rates Erode Profits
- CFO Baldin leaves firm after five years, adding to departures
- Higher financial expenses drive profit miss, Citi analysts say
This article is for subscribers only.
StoneCo Ltd., the Brazilian payments firm that shed about $26 billion in market value since peaking last year, slumped further Friday after losing its chief financial officer as higher interest rates crimp earnings.
Marcelo Baldin, who’s held the CFO role for five years, is leaving the firm, Stone said in a statement, the latest in a string of board and top management changes. Board member Silvio Morais will take over the company’s finances temporarily. The departure comes at a difficult time. After a foray into lending backfired and its stock collapsed, Stone has been raising the prices it charges businesses to accept payments.