By Brazil Stock Guide – Vivara Participações S.A. (VIVA3) said it has replaced its chief executive officer and chief operating officer, appointing Thiago Lima Borges as CEO and Cassiano Lemos as COO as the board sharpens its focus on execution, efficiency and shareholder returns.
The board-approved move ends the mandates of Ícaro Borrello and Bruno Kruel Denardin, who led Vivara through its most recent expansion cycle. The leadership reset follows governance adjustments made earlier this year and reflects a more demanding posture as the company operates at greater scale and complexity.
The changes at Vivara’s C-suite come five months after founder Nelson Kaufman stepped down as chairman following a stroke, and reflect the consolidation of control of the company in the hands of Marina Kaufman, Nelson’s daughter, who now presides over the board. The shift marks a clear inflection point in Vivara’s governance structure, with decision-making increasingly centralized under the current chair as the company enters a more execution-driven phase.
Borges brings more than 20 years of executive experience at publicly listed consumer companies, with a profile closely tied to financial discipline, capital allocation and investor engagement. He previously served as CFO and head of investor relations at Smart Fit, and as corporate vice president at Arezzo&Co, where he worked on strategy and growth initiatives. He holds a business administration degree from UNIFACS and an MBA from Stanford University.
Lemos, named COO, built his career in retail operations, including roles as commercial director at Richards and COO at Arezzo&Co, where he led product and operating models that delivered tangible gains in gross margins and inventory efficiency. He is a production engineer (UFRJ), a journalist (UERJ) and holds a master’s degree from COPPE/UFRJ.
The pairing is deliberate. Borges and Lemos have worked together before, a dynamic Vivara expects to translate into faster decision-making and lower tolerance for execution slippage. The new leadership structure is designed to tighten operational control without altering the company’s strategic direction.
Board chair Marina Kaufman said the change reflects the demands of Vivara’s next phase. “Vivara is entering a stage that requires efficiency, discipline and flawless execution. Thiago and Cassiano bring exactly this profile, fully aligned with our long-term strategy and value creation agenda,” she said.
Founded in 1962, Vivara operates an integrated model spanning design, manufacturing and retail. With more than 400 stores across Brazil and a multichannel platform reaching over 2,900 municipalities, the company is signaling that scale alone is no longer enough — execution and returns are now under closer scrutiny.