By Brazil Stock Guide – Oncoclínicas do Brasil Serviços Médicos (ONCO3) said it is conducting an internal succession process for its chief executive officer after a report by Brazil Journal said the company had sounded out Irlau Machado, the former CEO of NotreDame Intermédica, as a potential candidate. The clarification came days after shareholders elected a new board of directors and underscores that no candidate has been selected and no leadership change has been approved.
The São Paulo–based oncology group said it hired Spencer Stuart to identify executives who could eventually take over the CEO role. While the work is at an advanced stage, the company said there is no timeline, no defined shortlist and no formal decision by the board.
The company said there is, at this time, no defined candidate for the position and no board approval for any change in the CEO role. The search takes place while Bruno Ferrari, the company’s founder and current CEO, continues in the role. Under the new governance framework adopted by Oncoclínicas, Ferrari is expected to transition to the position of chairman once a new chief executive is appointed, separating management from board oversight.
Board reset, power shift
The succession process unfolds alongside deeper governance changes following the election of a new board on Thursday. The reshuffle reflects the growing influence of Latache Capital, a fund that has become Oncoclínicas’ second-largest shareholder with 14.62% of the capital.
At the same time, Goldman Sachs started transferring its stake in Oncoclínicas from a private equity fund to Centaurus, now the company’s largest shareholder with 18.3%. Latache said that crossing the 15% threshold should have triggered a mandatory tender offer under the company’s poison pill provisions.
Goldman has said Centaurus was already the main investor in its private equity vehicle and therefore an existing shareholder. The case remains under review by Brazil’s securities regulator.
The confirmation of a succession process comes at a sensitive moment for Oncoclínicas, one of Brazil’s largest private oncology platforms. The group has been under growing investor pressure amid high leverage, elevated financing costs and the need for operational adjustments following an aggressive expansion cycle in recent years.