Zamp (ZAMP3), the operator of Burger King, Popeyes, and Starbucks in Brazil, has undergone another leadership change with the announcement of CEO Paulo Sérgio de Camargo’s resignation. The announcement was made on Friday, September 7, marking the end of Camargo’s brief tenure of just seven months.
Paulo Camargo took on the role of CEO of Zamp back in June 2024, following the exit of co-founder Ariel Grunkraut. His departure was confirmed through a mutual agreement between him and the company, as stated in the communication released to the market and the Brazilian Securities and Exchange Commission (CVM).
Gabriel Magalhães da Rocha Guimarães, who previously held the position of Financial Vice President (CFO) and Investor Relations, has been appointed as the interim CEO. The company's announcement indicated, "Gabriel passes to accumulate the functions of interim CEO and Financial Vice President and Relations with Investors, starting today, until the completion of the selection process for a new CEO, conducted by the company's Board of Directors.”
Camargo brought with him over 30 years of experience, having previously served as CEO at various companies including Espaçolaser and the Brazilian division of Arcos Dorados, which operates McDonald's throughout Latin America. During his time at Zamp, he was involved with significant operational changes and the acquisition of Starbucks Brazil, previously owned by SouthRock.
Despite only holding the position for seven months, Camargo’s leadership was significant as he navigated the brand expansion and facilitated the company’s ventures, including the acquisition of Subway rights for Brazil. The leadership transition at Zamp marks the continual reshaping of the company's strategy, especially after the Abu Dhabi sovereign fund Mubadala Capital gained controlling interests last year.
Alongside Camargo's exit, Zamp also announced the departure of Patricia Perano Nicieza, the Vice President of People and Management. The reasons for her exit were not disclosed, but the company stated the position would remain vacant until the board could deliberate on the appointment of her successor.
The current leadership shake-up may reflect underlying strategic shifts within Zamp, which has seen substantial changes following the acquisition by Mubadala Capital. The company has faced substantial challenges, with its shares having dropped approximately 44% over the past 12 months, closing at R$ 2.59 on the day of the announcement.
Financial analysts note the importance of swift leadership change, as the company aims to stabilize its performance after recent setbacks. The transitions could also signal fresh directions intended to spur growth amid shifting market conditions. Zamp previously engaged investors by approving at least R$ 268.9 million for capital increases aimed at enhancing its market position through expansion strategies.
With the appointment of Guimarães as interim CEO, Zamp hopes to maintain stability during the transition period until the board formalizes the selection of Camargo’s successor. The company’s future strategies remain focused on recovering its market standing and leveraging its existing brand portfolio effectively.
This leadership change exemplifies the fast-paced nature of the corporate world, especially within the competitive fast-food industry, where customer tastes and shareholder expectations are constantly changing. Zamp’s ability to navigate through these transitions will be closely observed by industry analysts and stakeholders alike, as the company aims for continued growth and recovery.
With Camargo’s experience and recent initiatives now part of the past, Zamp is at another crossroads. The upcoming decisions by the board will be pivotal for the future direction of the company as it strives to adapt to both market challenges and opportunities.