At the end of last year, TOTVS' management team then experienced significant disruption as Rodrigo Kede, who had been hired from IBM Brasil and was expected to succeed the company's founder, Laércio Cosentino, as CEO, announced that he was stepping down. The decision was publicly attributed to a serious health issue only for IBM to report a few days later that Rodrigo would be rejoining the group as head of its Latin American business. This caused TOTVS' share price to fall back to previous depressed levels.