By Brazil Stock Guide – Cosan (CSAN3; CSAN) and Raízen (RAIZ4) unveiled a coordinated leadership reshuffle on Friday, marking one of the most consequential governance shifts since BTG Pactual and Perfin became co-controllers of Cosan. Rodrigo Araujo Alves, Cosan’s CFO and head of investor relations, resigned and will be replaced on December 5 by Rafael Bergman, currently Raízen’s CFO and head of IR. In a parallel move, Raízen appointed veteran executive Lorival Luz to succeed Bergman as CFO and IR chief effective December 1.
BTG Pactual and Perfin, alongside Ometto’s family office Aguassanta, injected about R$10billion in fresh capital into Cosan to support deleveraging and strengthen the balance sheet, while accelerating a broader reconfiguration of the company’s shareholder base.
The deeper shift, however, took place inside Cosan’s Board of Directors. Four directors historically aligned with controlling shareholder Rubens Ometto — Pedro Mizutani, Luis Henrique Guimarães, Silvia Coutinho and Vasco Dias Júnior — stepped down. Replacing them are names associated with the new shareholder´s bloc: Ralph Rosenberg (Perfin) and Renato Mazzola (BTG Pactual) join as board members, while BTG founding partner André Santos Esteves was elected vice-chairman. The changes take effect November 19.
Raízen’s announcement confirms Bergman’s transition to Cosan and formalizes the arrival of Luz, who brings more than three decades of experience at institutions such as Citibank, CPFL Energia, Estácio, Votorantim, and previous tenures as CEO of BRF and Alloha Fibra.
The twin reshuffling suggests a coordinated effort to rebalance shareholder influence and reinforce governance as the group reviews capital structure, investment cycles, and cash-flow discipline.
The CFO swap, combined with Cosan’s reconfigured board, signals a more active role for BTG and Perfin in shaping financial strategy and corporate direction at a moment when investors are pressing for deleveraging, clearer capital allocation, and progress on asset-sale programs.
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