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Management

Board of Directors

The Board of Directors shall be made up of at least 5 members, of which at least 20% should be Independent Members in compliance with the Novo Mercado Listing Rules. The members are elected in the General Meeting for a one-year term and reelection is allowed. The Board of Directors’ meetings are held every month or whenever called by the Chairman, Vice-Chairman, or by three members, and the minutes of the meetings are disclosed to the public.

It is up to the Board of Directors to define Cyrela’s general policies and guidelines, assess the plans and projects proposed by the Board of Executive Officers, and measure the results achieved. The responsibilities of the Board include electing and dismissing members of the Board of Executive Officers and monitoring their management practices.

Board of Executive Officers

According to its Bylaws, Cyrela’s Board of Executive Officers is composed of up to six members elected by the Board of Directors for a term of three years and may be discharged at any moment.

The elected officers are the Company’s legal representatives in charge of carrying out the business strategy set by the Board of Directors, of designing plans and projects, and they are responsible for the Company’s operational and financial performance.

Name Date of Election Term of office
Celso Antonio Alves Board of Executive Officers 02/22/2021 05/08/2023

Celso Antonio Alves holds a degree in Business Administration from University São Marcos and holds postgraduate degree in Business Management from Fundação Armando Alvares Penteado (FAAP). It also has MBA in Business management from Fundação Dom Cabral, with international module from Kellogg School of Management. Mr. Celso started his career at Cyrela 18 years ago and since 2017 he has served as Human Resources Director and is also Chief Financial Officer of the North and Northeast regions since 2013. He has more 30 years of experience in the market and he has worked for big companies such as Cia Antarctica Paulista (Ambev) and Whirlpool Latin América.

Efraim Horn Board of Executive Officers 05/11/2020 05/08/2023

Efraim Horn, has graduated in Business and Philosophy from Talmudic University of Florida (TUF) and has an MBA from Fundação Armando Alvares Penteado (FAAP). Since 2004 he has been working at Cyrela Brazil Realty, specifically in the Land and Treasury areas and overseeing the expansion of the company’s activities in the North and Northeast. Nowadays, as a co President, he is responsible for the Urban Development, Land and the regional offices of Sao Paulo, Central West, North and Northeast.

Efraim is a member of the Board of Directors of Plano & Plano Desenvolvimento Imobiliário S.A.

Elie Horn Board of Directors 07/23/2020 Up to SGM of 2022

A founding partner of Cyrela, Mr. Elie Horn was the Company’s CEO between 1978 and 2014. He is the Company’s main shareholder and has extensive experience in the real estate industry. Chairman of Cyrela Brazil Realty’s Board of Directors since 2014, Mr. Elie Horn has also chaired Cyrela Commercial Properties’ Board of Directors since it was created, in April 2007. In addition, he has sat on Brasil Agro’s Board of Directors since 2005, as well as on Brazil Realty Companhia Securitizadora’s Board of Directors since its creation, in 2004, and Board of Executive Officers since 2008. He holds a Bachelor’s degree in Law from Universidade Presbiteriana Mackenzie.

Mr. Elie Horn is currently a member of the Board of Directors of Lavvi Empreendimentos Imobiliários S.A.

Felipe Russo de Almeida Cunha Board of Executive Officers 05/11/2020 05/08/2023

Felipe Cunha holds a bachelor degree in Civil Engineering from UFRJ and holds a postgraduate degree from COPPE UFRJ in Economic Engineering and Industrial Administration. Mr. Felipe Cunha has been at Cyrela since 2006 and holds the position of Director of Development. Previously he was at Gafisa for 7 years. He is currently responsible for the areas of Business, Product, Marketing, Sales Showroom and Market Intelligence of two Cyrela Group brands: Living and Vivaz.

Fernando Goldsztein Board of Directors 07/23/2020 Up to SGM of 2022

Fernando Goldsztein, is a member of the Board of Directors. He is also an executive officer for the operations in the Southern region of Brazil, Argentina and Uruguay. In 2005 he acted as the commercial Director at Goldsztein Participações. In 2006, he acted as the commercial Director for the joint venture Goldsztein Cyrela, and became the CEO in 2008. He was appointed executive Director of the southern operations in 2009, after Goldsztein Participações was acquired by Cyrela. Mr. Goldsztein holds a degree in business administration from Pontifícia Universidade Católica do Rio Grande do Sul (PUC/RS) and attended marketing courses at Universidade Federal do Rio Grande do Sul (UFRGS), as well as holds a post-graduation degree from Fundação Dom Cabral. He holds a masters’ degree in business administration from the MIT Sloan School of Management (USA).

George Zausner Board of Directors 07/23/2020 Up to SGM of 2022

George Zausner, has been a member of Cyrela\’s Board of Directors since 1997. He has also been the Technical Director of Cyrela Empreendimentos Imobiliários Ltda. since 1982. Before this he was a Manager at FOA – Engenharia e Fundações Ltda. from 1970 to 1982. He holds a Bachelor\’s Degree in Civil Engineering from the Polytechnic School of the University of Bahia.

João Cesar de Queiroz Tourinho Board of Directors e Independent Member 07/23/2020 Up to SGM of 2022

João Cesar de Queiroz Tourinho, is a Partner and officer of Mauá Sekular Investimentos, where he has been since 2009. Before then, he was the deputy CEO of Banco Safra, for whose Treasury and Investment Bank he was responsible for 12 years. He was a member of BM&F\’s (Futures and Commodities Exchange) Ethics Committee from December 2006 to December 2009. He graduated from PUC-RJ (Pontifical Catholic University of Rio de Janeiro) with a degree in Mechanical Engineering and Production and has an Executive MBA in Finance from IBMEC (Brazilian Institute of Capital Markets).

José Guimarães Monforte Board of Directors e Independent Member 07/23/2020 Up to SGM of 2022

José Guimarães Monforte is an economist graduated at Universidade Católica de Santos. He is partner of Emax Consultoria, member of Art British Council, member of Board of Directors of OTP S.A., CEO of Premix Council, CEO of Instituto Elos Council. Member of BM&FBovespa Governance Committee for State Companies, member of IDIS council – Development and Social Investment, member of editorial council of Harvard Business Review Brasil. Took part on Board of Directors from Natura Cosméticos, Vivo, Petrobras, BR Distribuidora, Rossi Residencial, Promon, Droga Raia, SABESP, Claro, Banco Nossa Caixa, Banco Tribanco, Canbrás, Pini Editora, Caramuru Alimentos, Klicknet, JHSF and Agrenco Ltd. Worked as executive in several banks and companies, was co-founder at Pragma Gestão Patrimonial.

Miguel Maia Mickelberg Board of Executive Officers 05/11/2020 08/05/2023

Miguel Mickelberg holds a bachelor degree in Economics from UFRGS and na MBA from the MIT Sloan School of Management, where he obtained Certificate in Finance. Mr. Mickelberg has been at Cyrela since 2007 and is currently the Chief Financial Officer (CFO) and Investor Relations Officer, responsible for the controller’s department, financial planning, accounting, taxes, investor relations, corporate debt, project debt and information technology. Prior to the CFO position, Miguel was Cyrela’s Controller.

Miguel is currently a member of the Board of Directors of Cury Construtora e Incorporadora S.A., Lavvi Empreendimentos Imobiliários S.A. and Plano & Plano Desenvolvimento Imobiliário S.A.

Rafael Novellino Board of Directors 07/23/2020 Up to SGM of 2022

Rafael Novellino, has been a member of Cyrela\’s Board of Directors since 1997. He has also been the Financial Director of Cyrela Empreendimentos Imobiliários Ltda. since 1982. He was the Financial Director of the Anhembi Industry in 1981 and 1982, Controller for the Ferraz de Andrade Group from 1972 to 1981, and Manager for Supergasbras Distribuidora de Gás from 1961 to 1972. He holds a Bachelor\’s Degree in Accounting from the Technical School of Trade Trinta de Outubro and in Economics from the São Luis School of Economics.

Rafaella Nogueira de Carvalho Corti Board of Executive Officers 02/22/2021 05/08/2023

Rafaella Nogueira de Carvalho Corti holds a Law Degree from UFRJ and International Relations from UniverCidade, holds a postgraduate Degree in Bussines Law from FGV and Registry and Notary Law from IBMEC. It also has MBA in Business management from FDC, with international module in Northwestern University – Kellogg School of Management. She has been part of Cyrela’s Legal Department for 11 years, having served as Manager and General Manager of Legal in the operation of the State of Rio de Janeiro, accumulating this role with that of manager in the Customer Relationship area. In 2017 she became the Company’s Legal Director. She also serves on the Real Estate and International Relations Commissions of OAB RJ, on the Legal Committee of ABRAINC and on the Innovation and Technology Commission of IBRADIM. Finally, she acts as Co-Editor of Revista da Carreira, a digital magazine focusing on Management and Career topics.

Raphael Horn Board of Executive Officers 05/11/2020 05/08/2023

Mr. Raphael Horn holds a degree in Business Administration from ESPM (Escola Superior de Propaganda e Marketing, or School of Higher Education in Advertising and Marketing) and has experience in the financial industry. In Cyrela since 2005, he has been involved in Real Estate Development and, in recent years, headed the Company’s Corporate activities. Mr. Raphael Horn currently serves as Co-CEO, in charge of the Financial, Legal and Personnel Departments; in addition, he is responsible for providing direction for Cyrela’s South Region and Rio de Janeiro Business Units.

Raphael is currently a member of the Board of Directors of Cury Construtora e Incorporadora S.A.

Ricardo Cunha Sales Board of Directors e Independent Member 04/23/2021 Up to SGM of 2022

Ricardo Sales has a degree in Electronic Engineering from Instituto Tecnológico de Aeronáutica (ITA) and an MBA from Stanford University.
Ricardo worked for more than seven years with private equity investments at General Atlantic, specializing in the education, technology and financial services sectors. During this period he participated in the board of several companies, among them: Linx (B3: LINX3), Arco Educação (NASDAQ: ARCE), QuintoAndar, Hotmart and D-Local. Between 2010 and 2012, he worked as a merger and acquisition analyst at Goldman Sachs.
He is currently Co-Founder and Director of Strategy and New Business at Isaac, a payment and financial services startup for educational institutions.
He is also Co-Founder and CEO of Associação Primeira Chance, a non-profit organization that promotes the social growth of low-income youth through education.

Rogério Frota Melzi Board of Directors 07/23/2020 Up to SGM of 2022

Mr. Rogério Frota Melzi has a degree in Mechanical Engineering from Universidade Mackenzie, a graduate degree in Business Administration from FGV/SP [Fundação Getúlio Vargas of São Paulo] and an MBA from Stanford University. Former CEO of Estácio Participações S.A. (2012-2016), Mr. Melzi also served as Chief Financial Officer and Investor Relations Officer between March 2011 and March 2012. He was Planning and Services Officer from July 2008 to September 2009, when he became Chief Operating Officer. Before joining Estácio, Mr. Melzi served as Financial Planning & Control Officer at Suzano Holding, Supply Chain Planning & Performance Officer between 2005 and 2008, Officer at Inbev/Labatt and Corporate Budget & Performance Manager at Ambev from 2001 to 2005. In 2000, he was an Associate at Booz-Allen & Hamilton.

Audit Committee

The Audit Committee is independent from the Company’s management and independent auditors. Its main duties are to oversee management’s activities, review the Company’s financial statements and report any errors, fraudulent acts or crimes of which it is aware to the management bodies and the General Meeting, as well as its conclusions directly to the shareholders.

The Audit Committee is established upon request by shareholders representing at least 2% of all voting shares, remains active for a specified business year and is disbanded at the first Annual General Meeting following its establishment. The Company’s Audit Committee is not active at the moment.

It should be composed of 3 to 5 members and their respective alternates. In compliance with Law 6404/76 (Brazilian Corporations Law), its members may not belong to the Board of Directors, the Executive Board or the staff of any subsidiary or parent company, or be related with members Company’s management up to the third degree of consanguinity.

Name Date of Election Term of office
Luiz Augusto Marques Paes Marcio Álvaro Moreira Caruso 07/23/2020 Up to SGM of 2021
Luciano Douglas Colauto Marcos Sampaio de Almeida Prado 07/23/2020 Up to SGM of 2021
Luciano Almeida Prado Neto Daniel Bruno de Moura 07/23/2020 Up to SGM of 2021