QuintoAndar Co-founder André Penha Leaves to Take Up New Wireless Electricity Role

One of QuintoAndar's co-founders has announced his departure from day-to-day operations at the company.

André Penha co-founded the Brazilian Proptech giant alongside fellow Stanford Gabriel Braga in 2012 and served as the company's CTO until a recent move to manage the firm's operations in Mexico.

He has now stepped down from his position and from the 1st of October will begin a new role as the CEO of IBBX, a company that specializes in wireless transmission technology.

Penha invested in IBBX back in 2019 and revealed in a recent interview with Startups.com.br that the company's founder, Fernando Destro, asked him to take over as CEO back in June.

The interview revealed that Penha effectively stepped away from management duties at QuintoAndar's Mexican operations as early as June this year, dedicating himself to his newborn son.

Before that, he had overseen QuintoAndar's consolidation of its Mexican real estate marketplace assets as the Sao Paulo-based company acquired leading portals Inmuebles24 and Vivanuncios and launched a rental product similar to the one that has brought it so much success domestically. Once those milestones were reached, as Penha told Startups.com.brm, planning for his departure was smooth.

“The succession process went very well. My successors worked without me. And that turned on a light bulb. I decided to take some time for myself,”

Penha, who is a computer engineer and cryptographer by training, will retain his seat on the board of QuintoAndar.