Sonae proposes João Dolores as next CEO and Cláudia Azevedo as Board Chair

Leadership succession plan announced

On 1 October 2026, the Board of Directors of Portuguese conglomerate Sonae announced a leadership succession proposal. Under the plan, current Chief Executive Officer Cláudia Azevedo will conclude her executive tenure to become the Chair of the Board of Directors. João Dolores, who currently serves as the group's Chief Financial Officer, will take over as the next Chief Executive Officer. The changes carry the formal support of Efanor, the majority shareholder of Sonae, as well as the Azevedo family. The new appointments are scheduled to take effect at the start of the next mandate, following the General Shareholders' Meeting in April 2027.

Transition rationale and family backing

The proposed executive transition follows two separate governance decisions within Sonae. Paulo Azevedo, who currently serves as the Chair of the Board of Directors, decided not to run for re-election to the governing body. At the same time, Cláudia Azevedo chose not to pursue a third mandate as Chief Executive Officer after eight years leading the executive committee. In an official company statement, the leadership noted that conditions are met for a transition and the beginning of a new cycle at the group. Cláudia Azevedo described her tenure as a collaborative effort across multiple business lines and expressed confidence in her successor.

Being CEO of Sonae was a privilege. Together with truly extraordinary teams, we made important portfolio decisions, invested in our existing businesses strengthening their competitive positions and acquired new businesses reinforcing our avenues of growth for an ever bigger and better Sonae. Increasingly prepared to win in the future. João, my right arm for the last eight years, represents Sonae's values and I know he will lead the company in his own way, with ambition, good sense and a strong sense of responsibility. For me, a new chapter also begins, with the same commitment to Sonae and to its future. In the coming months, we will work together to prepare the next cycle and ensure a successful transition.

Executive background and incoming leadership

João Dolores has worked closely alongside Cláudia Azevedo for the past eight years as chief financial officer and executive director. Following the board's announcement, Dolores stated that he views the appointment with deep commitment and enthusiasm for the group's future. The incoming executive leadership will oversee the operating companies while maintaining the strategic direction established during the prior mandate. Dolores acknowledged the guidance of both Cláudia Azevedo and Paulo Azevedo, alongside the backing provided by controlling shareholder Efanor.

I want to thank Cláudia, with whom I had the privilege of working closely over the last eight years, for her leadership and inspiration. I also thank Paulo, the rest of the Board of Directors and Efanor for their support and the trust placed in me. The strength of Sonae lies in its exceptional companies and teams, in a shared vision and in a unique culture. From these foundations, we will continue to create sustainable value.

Shareholder approval and next steps

The leadership handover maintains governance continuity within the group through the long-term involvement of Efanor and the Azevedo family. Sonae confirmed that Cláudia Azevedo will replace her brother Paulo Azevedo at the head of the Board of Directors, retaining family representation at the board level. The executive management officially transfers to Dolores, who managed financial operations and capital allocation over the previous two terms. Over the coming months, the outgoing and incoming leadership teams will coordinate the operational handover. The proposed appointments will be submitted for shareholder election at the General Shareholders' Meeting in April 2027 before the new board formally confirms the leadership roster.