Exclusive: Hapvida prepares leadership reshuffle with changes expected at the top

Board reset and CEO succession mark a new phase of adjustment amid investor criticism.

Dec 22, 2025 4:11 PM

By Brazil Stock Guide –Hapvida (HAPV3) is preparing a significant reorganization of its senior leadership, involving changes at both the board and executive levels, people told Brazil Stock Guide.

The moves come as the company faces intensified scrutiny after its investment thesis suffered a setback, drawing criticism from investors and analysts amid integration difficulties, margin pressure and uneven operational performance.

At the board level, Cândido Pinheiro Koren de Lima (senior), currently chairman, is expected to leave the position, according to the people. Jorge Fontoura Pinheiro Koren de Lima, currently CEO, is expected to assume the role of chairman, taking over the leadership of the board as part of the same process.

On the executive side, Luccas Augusto Adib, currently vice president of Finance and Investor Relations, is expected to assume the position of chief executive officer (CEO), the people said.

The changes are expected to take place in the near term. Further adjustments to senior management may still be announced, including in key operational areas, according to the people.

Hapvida did not respond to a request for comment prior to publication.

Hapvida shares are down more than 55% this year, amid challenges in integrating the assets of Hapvida and NotreDame Intermédica. The company, which once had a market capitalization above R$100 billion, is currently valued at about R$6.5 billion.

Update: At 7:19 p.m., Hapvida released a material fact to the market detailing a formal succession process that will lead to changes in its board of directors and senior management. The filing confirms that Luccas Augusto Adib was appointed as chief executive officer (CEO) and that Jorge Pinheiro will transition to the role of executive chairman, while the process will be implemented over the course of 2026. The company also confirmed the resignation of Alain Benvenuti from his position as a statutory officer and the appointment of Cidéria Costa to oversee operations.