Cosan CEO Martins to Step Down in January

Cosan, a Brazilian holding company listed in São Paulo, is replacing its chief executive after about two years in the job. It has named an interim leader but no permanent successor.

What Cosan Announced

Cosan, a Brazilian holding company listed on the B3 stock exchange in São Paulo under the ticker CSAN3, said in a statement on Friday 13 November 2026 that it has started a succession process for its chief executive, Marcelo Eduardo Martins. Martins will leave the post on Monday 4 January 2027, about seven weeks after the announcement.

Cosan owns stakes in Rumo, a rail operator, Compass, a gas distributor and pipeline group, and Moove, a lubricants maker. Raízen, a fuel and sugar-ethanol company, was set up as a joint venture of Cosan and Shell, the global energy company, and went through an out-of-court restructuring this year.

Martins has spent 20 years in the group and has been chief executive since 2024. He stays on the boards of Cosan, Rumo, Compass and Moove and will support shareholders and his successor, especially on strategy and mergers and acquisitions.

Cosan said the transition will be run with planning and transparency, in line with its governance practices. The stated aim is continuity of strategy and value for shareholders.

Who Takes Over

The board elected Guilherme Penin, now vice president of Strategy, Communications and Institutional Relations, to take over as interim chief executive when Martins leaves on 4 January 2027. Interim means temporary, so Penin holds the job until a permanent chief executive is chosen.

Penin has more than 20 years in the infrastructure sector and about a decade in the Cosan group. The company says he already takes part in the portfolio’s strategic decisions.

The company lists two milestones from the Martins years. They are the 2025 capital raise by Cosan with new shareholders, including BTG Pactual, a Brazilian investment bank, and Perfin, a Brazilian investment manager, and leading, together with Raízen’s team and Shell, the out-of-court restructuring of Raízen, known in Brazil as an extrajudicial recovery.

What It Means for You

For a reader in the United States, the change matters mainly to people who follow Cosan’s American depositary receipts (ADRs), certificates that represent Brazilian shares. In a material fact (a formal disclosure to the market) dated 18 August 2026, Cosan told the market that it would delist them from the New York Stock Exchange, with 18 September 2026 as the expected last trading day there, as we reported in our coverage of the delisting.

From 4 January 2027, the group’s strategy sits with Penin as interim leader until a permanent chief executive is chosen. The company has not said whether its plans will change under him or under a permanent successor.

A leadership change at a group this size can move its shares, but we have no price reaction to report. This article is not investment advice.

For the background on the company’s move away from Wall Street, see how Cosan quit Wall Street. Our Brazil news page collects the latest business stories from the country.

What to Watch

Cosan’s investor-relations page lists a conference call for Monday 16 November 2026 at 09:00 Brasília time (12:00 UTC), after the third-quarter earnings release listed for Friday 13 November after the market close. Investors may listen for any word on the succession process.

The second date is Monday 4 January 2027, the day Martins leaves the chief executive post. Cosan has not said whether a permanent successor will be named by then.

What Is Not Known

Cosan has not named a permanent successor and has not said why Martins is leaving beyond calling it a succession process. We also do not know how the shares will react.

Cosan’s calendar lists its third-quarter results for release after the market close on Friday 13 November 2026, and this article does not cover them. Nor has the company said whether Penin is a candidate for the permanent role.

Frequently Asked Questions

Who is leaving Cosan?

Marcelo Eduardo Martins, chief executive since 2024 and a 20-year veteran of the group, will leave the post on Monday 4 January 2027. He stays on the boards of Cosan, Rumo, Compass and Moove.

Who runs Cosan in the meantime?

Martins stays in the job until 4 January 2027. The board elected Guilherme Penin, vice president of Strategy, Communications and Institutional Relations, to take over as interim chief executive from that date, and he has more than 20 years in infrastructure and about a decade in the group.

Has Cosan named a permanent chief executive?

No. The company said it started a succession process and gave no name or timetable for a permanent successor, and no reason beyond that wording.

Does this affect US investors?

Cosan told the market in August 2026 that its American depositary receipts would leave the New York Stock Exchange, with 18 September 2026 as the expected last trading day, and its shares stay on B3 in São Paulo. Holders of either face a leadership change; this is not investment advice.