By Brazil Stock Guide – Oncoclínicas do Brasil Serviços Médicos (ONCO3) announced a leadership transition on Thursday as founder Bruno Ferrari stepped down as chief executive officer, with the oncology network appointing physician Carlos Gil Moreira Ferreira as interim CEO while a broader succession process unfolds. The change comes as the company faces mounting financial pressure and negotiates with creditors to avoid a potential technical default on its bonds.
The decision was approved unanimously by the company’s board of directors at a meeting held on March 5. Ferrari, who has served as CEO since October 2021, will remain involved in the company’s governance as vice-chairman of the board while the search for a permanent successor continues.
Leadership transition
Ferrari’s departure from the executive role ends a period in which Oncoclínicas expanded its nationwide oncology network through organic growth and acquisitions, consolidating its position in Brazil’s fragmented cancer treatment market. He will continue to participate in the company’s strategic direction as vice-chairman of the board.
Financial pressure
The leadership change comes as the healthcare group works to stabilize its capital structure. The company’s latest public figures show gross debt of about R$ 4.9 billion and net debt of roughly R$ 4.4 billion, with leverage close to 4.2x net debt to adjusted EBITDA.
That level exceeds the 3.5x covenant threshold established in certain debenture agreements. To prevent a potential technical default, the company has called meetings of bondholders from its 9th, 11th and 12th debenture issuances to approve a prior waiver.
If the leverage ratio calculated in the audited 2025 financial statements remains above the covenant limit, the company could face a formal event of default even without missing any payments.
The bondholder vote scheduled for March 24 will serve as a key test of creditor confidence in the group’s ability to stabilize cash generation and gradually reduce leverage through 2026.
New leadership
The board appointed Carlos Gil Moreira Ferreira as interim CEO. A medical oncologist, Ferreira joined Oncoclínicas in 2018. Before that, he spent three years working in the oncology division of Rede D’Or, the largest private hospital groups.
Within Oncoclínicas, he previously served as president of Instituto Oncoclínicas and since 2021 has held the role of medical director, helping consolidate the company’s clinical model focused on quality of care and coordination among oncology specialists.
At the same time, Camille Loyo Faria, executive vice president, chief financial officer and head of investor relations, will continue to oversee corporate and business areas — including the company’s financial restructuring and operational turnaround.
Succession process
Ferreira’s appointment is temporary and may last up to two years, or until the board concludes the formal succession process for a permanent CEO.
For investors, the leadership transition highlights the delicate moment facing Oncoclínicas as it seeks to reduce leverage, rebuild investor confidence and preserve its position as one of Brazil’s largest oncology care networks.
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