What Happened to Copasa (CSMG3) Regarding Its New Board and Executive Team?
Companhia de Saneamento de Minas Gerais – Copasa MG formally notified the market, through an official filing submitted to CVM, of the new composition of its Board of Directors and Executive Board. The leadership change comes at a pivotal moment for the company, marked by the advancement of its privatization process and its new legal status as a private corporation.
The changes were approved at an Extraordinary General Meeting held on the same date. Under the new institutional setup, the company's Board of Directors now consists of nine sitting members. All of them serve a unified term running until the Annual General Meeting that reviews the financial statements for the fiscal year ending December 31, 2027.
Who Are the New Members of the Company's Board of Directors?
Copasa's newly configured Board of Directors features a mix of profiles with deep experience in the infrastructure and sanitation sectors, including executives with strong historical ties to Grupo Equatorial. The following individuals were elected and sworn in to the board:
- Tinn Freire Amado (sitting member elected chairman of the Board of Directors);
- Leonardo da Silva Lucas Tavares de Lima (sitting member elected vice chairman);
- Bruno Magalhães e Silva (sitting and independent member);
- Denis Jungerman (sitting and independent member);
- Felipe Dutra Cançado (sitting member);
- Gustavo de Andrade Miranda (sitting and independent member);
- Gustavo de Oliveira Barbosa (sitting member);
- José Formoso Martinez (sitting and independent member);
- Ralph Gustavo Rosenberg (sitting and independent member).
Meanwhile, Carlos Alexandre Jorge da Costa, José Alvim Pereira, Márcia Fragoso Soares, Marília Carvalho de Melo, and Roberto Corrêa Barbuti formally stepped down from the Board of Directors. Management formally thanked the departing board members for their work and contributions to the company.
How Is Copasa's New Executive Board Structured?
Immediately following the appointment of the board, the Board of Directors approved Copasa's new Executive Board composition, with terms set through September 28, 2028. The restructured executive team comprises the following professionals:
- Augusto Dantas Borges, as Chief Executive Officer;
- Herbert Arnaud Dantas, as Chief Operations Officer and, on an interim basis, Chief Engineering Officer;
- Marília Carvalho de Melo, as Chief Institutional Relations and Sustainability Officer;
- Adriano Rudek de Moura, as Chief Financial and Investor Relations Officer;
- Cleyson Jacomini de Sousa, as Chief Commercial Officer.
Laura Petri Geraldino and Pablo Ferraço Andreão stepped down from their previous positions on the company's executive board. The company also formally acknowledged and thanked these executives for their dedication and contributions during their tenures.
What Is the Background of the Newly Appointed Leaders?
The new leadership brings extensive experience in the power and sanitation sectors, particularly through established track records at companies connected to Grupo Equatorial. Board Chairman Tinn Freire Amado has a relevant background on boards such as Equatorial S.A. and Echoenergia, having served as CEO of Echoenergia, as well as holding roles in regulatory management at Equatorial and serving on Sabesp's board of directors.
Vice Chairman Leonardo Lucas brings more than 25 years of professional experience, with over two decades dedicated to Grupo Equatorial, which he joined in 2005. He has served as Chief Financial and Investor Relations Officer at Equatorial since 2019, also overseeing M&A and strategy, alongside management roles at utility subsidiaries such as Equatorial Pará, Equatorial Maranhão, and CEEE Equatorial.
Finally, Copasa's new CEO, Augusto Dantas Borges, has over 18 years of experience within Grupo Equatorial. He served as CEO of Equatorial Maranhão and as an executive at Equatorial Pará, before taking over in 2021 as president of Companhia de Saneamento do Amapá (CSA)—the group's first sanitation concession—while simultaneously leading Companhia de Eletricidade do Amapá (CEA).
What Does This Governance Shift Mean for CSMG3 Investors?
For retail investors following the CSMG3 stock, the executive restructuring reflects the practical progress of the Minas Gerais water utility's privatization. With the stock recently trading at R$ 56.61 and a decline of 2.16% in the last trading session, the company will now be managed by executives with a strong track record of operational restructuring and a focus on private-sector efficiency within major utility groups.
Investors should closely monitor the transition and the execution of the new management's business plan. Although the change in control brings expectations of productivity gains and cost rationalization—hallmarks of Grupo Equatorial's approach in other concessions across the country—the exact financial impact on quarterly earnings will still need to be proven over coming quarters through the delivery of operational and financial targets.
