Board of Directors

Fábio Colletti Barbosa

Chairman of the Board of Directors

Fábio Colletti Barbosa serves on the boards of directors of several organizations, including Ambev, Votorantim S.A., and CBMM. He joined the Board of Directors of Natura Cosméticos in 2017 and remained a member of the Board of Directors of Natura &Co Holding S.A. until 2023. In addition, he served on the Audit, Strategy, People and Organizational Development, Group Operations, and Corporate Governance Committees at Natura &Co. In 2024, he returned to the Board of Directors, also assuming leadership of the People and Organizational Development Committee, as well as serving as a member of the Sustainability and Strategic Committees. He also served as Chief Executive Officer of Natura &Co Holding S.A. between 2022 and 2025. Following the completion of the reverse merger of Natura &Co Holding S.A. by its then wholly-owned subsidiary, Natura Cosméticos, he assumed the position of Chairman of the Board of Directors of Natura Cosméticos. In 2026, he left Natura’s Board of Directors but remains an external member of the Corporate Governance Committee and serves on the Company’s Advisory Board. With a solid career in the financial sector, Fábio Barbosa was president of Banco ABN Amro Real, later assuming the presidency of Santander Brasil following its acquisition. From 2007 to 2011, he served as president of Febraban. And from 2011 to 2015, he was president of Abril Mídia. He currently serves on the boards of third-sector organizations, including the Center for Public Leadership (CLP), the UN Foundation, which supports the UN, and the UNICEF Advisory Council, among others. Fábio holds a degree in Business Administration from the Getúlio Vargas Foundation and an MBA from the Institute for Management Development (IMD) in Lausanne, Switzerland. He has also been recognized with awards such as “Personality of the Year” from the Brazil-United States Chamber of Commerce (2011) and “Champions of the Earth” from UNEP (2012). His work and leadership have been highlighted in various awards, including recognition from the World Fund for Education in 2017.

Flavia Buarque de Almeida

Independent member

Flavia Buarque de Almeida holds a Bachelor’s degree in Business Administration from Fundação Getúlio Vargas (FGV-EAESP) and an MBA from Harvard Business School. She furthered her education with leadership specialization from INSEAD (France) and other executive programs. She began her career at McKinsey & Company, where she served for 14 years (1989–2003), becoming the first Brazilian woman elected Partner. She built extensive experience at Península Participações over a 12-year tenure, serving as CEO from 2019 to 2024 and remaining on its Board of Directors until 2026. Previously, she was a Senior Partner at Monitor Group (2009–2013) and Managing Director of Participações Morro Vermelho (2003–2009). Her international experience includes serving as a member of the Board of Overseers at Harvard University.
In the institutional and social impact fields, she was a member of the B20 Brazil Board in 2024, serves as a volunteer Vice President of the Board of MASP (Museum of Art of São Paulo), and is a Board Member of the Fundação Bienal. Currently, Ms. Almeida has served as an Independent Member of the Board of Directors at Ultrapar Participações S.A. (a publicly traded company) since 2019, where she chairs the People Committee. In 2025, she was elected as an Independent Board Member for Grupo Iguatemi (a publicly traded company) and Rede Américas S.A. (a Joint Venture), also chairing the latter’s People Committee.

Gabriela Chaves Schwery Comazzetto

Independent member

Gabriela Chaves Schwery Comazzetto holds a Bachelor’s degree in Business Administration from Fundação Armando Alvares Penteado (FAAP), an MBA in Sales and Marketing Management from ESPM, and executive education certifications from the Berlin School of Creative Leadership and Georgetown University. With over two decades of experience across the technology, media, and retail sectors, she has held senior leadership roles at global corporations, including AmBev, Microsoft, and Twitter. Her previous experience includes serving as Business Director at Facebook (Meta), where she oversaw the retail and e-commerce verticals, and as General Manager of Global Business Solutions for Latin America at TikTok, leading operations across 16 countries. Within the institutional sphere, she has served on the boards of the Interactive Advertising Bureau (IAB) and the Mobile Marketing Association (MMA). Currently, she is the Founder and CEO of Play2Shop, a live-commerce and retail media platform that integrates physical and digital operations.

Guilherme Ruggiero Passos

Member

Guilherme Ruggiero Passos holds a Bachelor’s degree in Production Engineering from the Escola Politécnica da Universidade de São Paulo (Poli-USP), earned in 2001, and an MBA from the London Business School (LBS), obtained in 2005. He began his professional career at the strategic consulting firm Bain & Company and subsequently worked at Pragma Patrimônio (Wealth Management). Since 2011, he has been a Founding Partner at Anima Investimentos. Currently, he also serves as a Board Member of Instituto Semeia, a non-profit organization dedicated to the socioeconomic development of conservation units and public parks.

Juan Pablo Zucchini

Member

He holds a degree in Economics from the Catholic University of Argentina and an MBA in Business Administration from Austral University – IAE. Since 2014, he has been a Managing Partner at Advent International and has 26 years of experience in private equity, having led numerous transactions. He currently focuses on investments in the education and healthcare sectors in Latin America. Before joining Advent International, he worked for three years at the Perez Compac Group, where he was involved in various privatization projects in Argentina, particularly in the energy, oil, and gas sectors. He has been Chairman of the Board of Directors of YDUQS Participações S.A. since April 18, 2018, and a member of that Board since September 2017, in accordance with the definition of an Independent Director under B3’s Novo Mercado Regulations, a position he holds concurrently with that of a member of the People and Governance Committee. He was a member of the Board of Directors of Faculdade da Serra Gaúcha and of Kroton Educacional, a publicly traded company in the education sector.

Luiz Francisco Guerra

Member

Luiz Francisco Guerra holds a Bachelor’s degree in Production Engineering from the Polytechnic School of the University of São Paulo (POLI-USP) and a Master’s degree in Business Administration (MBA) from Fundação Getulio Vargas (FGV-SP). He is also a CFA® (Chartered Financial Analyst) charterholder. He began his professional career with strategic roles in the finance department of Grupo Abril and at VBC Energia (a holding company formed by the Votorantim, Bradesco, and Camargo Corrêa groups), where he played an active role in the privatization process of the Brazilian power sector. He has served as an equity portfolio manager and a member of the global allocation committee at Janos Family Office. His board experience includes serving as a Member of the Board of Directors for companies such as Pini Editora and Grupo Klick. Currently, he is a Founding Partner at Pragma Patrimônio, a wealth management firm, where since 2007 he has been responsible for asset management and equity strategies across local and international markets.

Maria Eduarda "Duda" Mascarenhas Kertész

Independent member

Duda Kertész is a global executive with three decades of experience in the beauty, wellness, and healthcare industries. She currently serves as CEO of Advantice Health, a New Jersey-based private company with a portfolio of renowned skincare and OTC brands, including New Skin, AmLactin, Triple Paste, and Kerasal. With over 25 years of leadership experience, she specializes in transforming corporate vision into accelerated growth strategies and profitable results. Throughout her executive and advisory roles, Ms. Kertész has built and led multinational, cross-functional teams through a wide range of business challenges, including acquisitions, rapid scaling, startups, and corporate turnarounds.
Prior to joining Advantice Health in 2024, she built a distinguished 25-year career at Johnson & Johnson Consumer Health, where she served as President of U.S. Skin Health & Beauty, overseeing iconic brands such as Neutrogena®, Aveeno®, and Johnson’s®. Under her leadership, Neutrogena® was revitalized to drive growth among younger consumers, with an increased focus on skin health, digital innovation, and e-commerce expansion—which grew from 7% to 20% of total revenue. Previously, she served as President of U.S. HealthE, commanding a brand unit that included Listerine® and Band-Aid®. In Brazil, she had a landmark tenure at Johnson & Johnson Consumer, holding strategic roles as Marketing Director, Vice President of the Global Baby and Beauty Business Unit for Latin America, and ultimately President of the Brazilian subsidiary, leading the operation through five years of accelerated growth.
An active advocate for diversity and inclusion, Ms. Kertész founded the WLI (Women’s Leadership & Inclusion) Chapter for Latin America at J&J and served on strategic diversity boards in North America. She was also a founding member of the Mulheres do Brasil group, reinforcing her commitment to gender equity and inclusion in the corporate environment. Ms. Kertész holds a Bachelor’s degree in Business Administration from Fundação Getúlio Vargas (FGV) in São Paulo and a Certificate of Special Studies in Administration and Management from Harvard Extension School. She currently serves as a Board Member of the CHPA (Consumer Healthcare Products Association) and has previously served on the boards and executive committees of organizations such as the Personal Care Products Council (PCPC), the American Chamber of Commerce (AmCham) in Brazil, the non-profit Cosmetic Executive Women (CEW), and ABIHPEC. Her visionary leadership and commitment to innovation and excellence make her a benchmark in the health, beauty, and wellness sectors.

Pedro Cruz Villares

Member

Pedro Cruz Villares holds a Bachelor’s degree in Production Engineering from the Escola Politécnica da USP (Poli-USP), a Master of Business Administration (MBA) from the MIT Sloan School of Management, and is certified in Corporate Governance (International Directors Programme) by INSEAD. He began his professional career in technical and administrative roles at Villares and IVIX (IBM), subsequently serving as Country Manager for GE IT Solutions. His tenure at Natura Cosméticos S.A. spanned 15 years, during which he held leadership positions in Operations and Sales across Brazil and Latin America for 11 years, followed by 4 years as Director-General of the Natura Institute. Currently, Mr. Villares serves as: (i) Director-General of Marae (Family Office), overseeing portfolio strategy and administrative management; and as a Member of the Board of Directors for the private companies (ii) Amata, (iii) Dengo, and (iv) Urbem, as well as for the investment manager (v) Bresco. Additionally, he serves on the boards of (vi) Instituto Arapyaú and (vii) Instituto Natura.

Rafael Patury Carneiro Leão

Member

Mr. Rafael Patury Carneiro Leão holds a bachelor’s degree with honors in Electronic Engineering from the Instituto Tecnológico de Aeronáutica (ITA) and an MBA from Harvard Business School. Since 2023, he has served as Managing Director at Advent do Brasil Consultoria Ltda., where he has participated in numerous investments in the retail, consumer, and healthcare sectors, including Allied, Bora Brasil, Grupo CRM (Kopenhagen and Brasil Cacau), Merama, Grupo Big (formerly Walmart Brazil), Fleury, and Grupo Cataratas, among others. He is a member of the Board of Directors of Bora Brasil. He also worked as a consultant at Bain & Company and as an engineer at Kuka Roboter in Germany. He is a member of the Board of Directors of Allied Tecnologia S.A.