Vivara has opened a new chapter in its leadership. A year after announcing Ícaro Borrello as CEO, a move made in November 2024, the jewelry chain has decided to promote another change in management.
In a statement to the market released on the evening of Thursday, December 11, the board of directors announced the dismissal of Borrello and also of Bruno Denardin, the operations director.
Thiago Lima Borges, former CFO and director of investor relations at Smart Fit and former executive at Arezzo&Co, was chosen as the new CEO. Cassiano Lemos, who held the same position at Arezzo&Co, was brought in as COO. Both assume their roles immediately.
“Since the board was closely involved in the operation, as was the CFO [ Elias Leal Lima ], we are confident that there is no risk in this transition,” Paulo Kruglensky, vice-chairman of Vivara, told NeoFeed .
The change comes at a delicate moment in the market. In the third quarter of 2025, investors questioned the predictability of management, the level of transparency, and the consistency of the company's governance. Combined with the board restructuring that took place in June of this year, this change reinforces the perception that Vivara is undergoing a cycle of deeper internal adjustments.
“I was discussing this with Marina [Kaufman, chairman], who spearheaded the process on the board. We hired a company to assess our profile, long-term goals, and challenges. And to find an executive who complements what we have,” says Kruglensky.
“We wanted someone for a long-term partnership. This isn’t a gamble, a stopgap measure. It’s a transition. It’s step by step, with the new management and the board supporting and teaching what Vivara is all about,” adds the vice-chairman.
A fund manager who has invested in Vivara told NeoFeed , as soon as the relevant fact was published, that the change will be good for the company. "Some people think the turnover is high, but I liked it. Today, the company has a cash flow problem, and that's the first challenge for the new CEO," he says.
Borges joins Vivara with a mission focused on execution, customer experience, and strategic expansion. His background includes building scale, governance, and leading IPO processes, such as at Smart Fit and Arezzo&Co.
The new CEO speaks of his enthusiasm for the platform built by the company and for a set of assets that he considers "rare" in Brazilian retail.
In the short term, the focus is on reinforcing the store experience and taking advantage of the end-of-year period. "The focus is on the position Vivara has achieved: store experience, brand positioning, and a strong desire that materializes especially at Christmas," Borges told NeoFeed .
The long-term plan involves expanding Life, a brand that has established itself as a growth engine and still has significant room to grow.
“Store productivity, assortment, collection, and omnichannel are key points. We look at international experiences and see a large space for growth,” says the new CEO.
Lemos led the redesign of Arezzo&Co's product management model, with a proven impact on gross margin and inventory, two indicators that are also sensitive for Vivara.
Lemos' arrival as COO complements the plan devised by the board. Among the company's challenges and opportunities, there was a clear area where the company needed to focus: pure retail, inventory turnover, categories, display, and fine-tuned execution.
“I already knew Cassiano, as well as Paulo. He has an ethical stance and deep technical knowledge of retail. We understood that he was someone who would greatly shorten the learning period,” says Borges.
On the B3 stock exchange, VIVA3 shares have accumulated a gain of 84.4%, compared to 32.5% for the Ibovespa index. The company's market capitalization is R$ 8.1 billion.
