Tupy board chair resigns as company plans bylaw reform

Brazilian industrial company Tupy announced on Monday, September 28, that its board chair, Jaime Luiz Kalsing, has resigned for personal reasons. The company disclosed the departure in a material fact filing.

Tupy nominated Gueitiro Matsuo Genso to succeed Kalsing as chair of the board. Genso serves as the vice president of strategy, new business, innovation, and M&A. He previously chaired Tupy's board between 2019 and 2021, served on the strategy committee, and took on statutory officer roles in 2024, including interim CEO and investor relations director.

Kalsing will not step away from Tupy entirely. The board intends to appoint him as an external member of the Strategy, Innovation and Sustainability Committee, known as CEISus, once his resignation takes effect and eligibility requirements are confirmed. The board stated that Kalsing's presence will help preserve institutional memory and support long-term planning.

Alongside the leadership shuffle, Tupy will propose amendments to its corporate bylaws to introduce formal eligibility criteria for board members and executive officers. The company faces ongoing scrutiny over political influence in its leadership appointments. Former CEO Rafael Lucchesi was elected in March of last year despite objections from minority shareholders regarding his operational experience and ties to BNDES. Minority shareholder Charles River Capital's founder and chief investment officer, Camilo Marcantonio, told Folha de S.Paulo at the time that Lucchesi's background was atypical for an industrial executive. Furthermore, BNDESPar previously nominated four government ministers to Tupy's board. BNDES controls the company jointly with Banco do Brasil's pension fund.