Aline Penna has been CFO of Petz since October 2021 and played a key role in the merger with Cobasi. She participated in the negotiations, the synergy analysis, and has been managing the complex process of the transaction at the Administrative Council for Economic Defense (Cade).

In a long courtship between the companies, the deal was almost closed in September 2023 but fell through. It seemed like it was going to stall, until talks were resumed in early 2024. In April of that year, when the contracts were finally signed, Penna was seven months pregnant with her third daughter – and she kept everything in motion without making her pregnancy a topic.

“It was an intense agenda, and we had many video meetings. When I met the Cobasi executives and partners in person, towards the end of my pregnancy, they were shocked,” she says. “I didn’t mention it because it didn’t matter, and in work, that didn’t define me.”

The executive – just like this reporter – is not fond of "overcoming stories" and even less of the "superwoman" concept. But she agreed to share her experience to show that it’s possible to have a demanding and prosperous career while simultaneously building a big family – with all the challenges and joys that this entails.

“It was my third child, I already knew what to expect. I had support, and I knew it was a crucial moment for the company.” The sacrifice, in this case, was working (a lot) soon after giving birth, dealing with post-merger adjustments and competitive agendas with the baby still in her arms and – as is usual in any choice involving career and motherhood – listening to criticism even from people close to her.

“I don’t want to normalize it, or say this is how it has to be. It’s about knowing yourself and understanding what you want and what you’re willing to do. I knew this is what I wanted and it made sense to me,” she said in a two-hour interview.

Penna occupies a space that is still an exception for women. A study conducted by Insper in partnership with Assetz shows that, in 2024, women held only 18% of CFO positions in large private and public companies. Looking only at publicly listed companies, the gap is even larger: besides Penna, only seven other companies among the 81 in the Ibovespa have female CFOs.

From Investment Banking to Retail

Graduated in business administration from FGV, the executive is used to being one of the few women in the room, working long hours, and handling M&A processes. She began her career in HSBC’s investment banking, where she stayed for six years, advising on various transactions. She then moved to the bank’s proprietary investment area, participating directly in deals such as acquiring a stake in Camil Alimentos.

Her 12-year career at the bank was also marked by a long stint at the asset management firm, one of the largest with equity mandates for Latin America at the time, covering consumer goods and retail companies. It was during this time that she had her first two children.

There, she helped build significant positions in consumer companies: "We had 10% of Renner, Arezzo, Hering. That gave us direct access to the CEOs." Her relationship with the executives of the companies was close – and it was decisive for her career shift into the corporate world.

Questioning, she caught the attention of Alexandre Birman from Arezzo, who invited her to lead investor relations. Shortly thereafter, she also took over the areas of strategy, new business, and planning, driving the company’s first major wave of M&As.

At Arezzo, she led the strategic project that expanded the company’s reach from women’s shoes to fashion, kids' clothing, sneakers, and ESG. She oversaw acquisitions like Reserva and the licensing of Vans.

Not everything went as planned. The attempt to buy Hering ended in frustration when Grupo Soma outbid Arezzo with an offer nearly double the original one. "We spent a lot of time working on the offer. It was tough, but discipline prevailed." Nowadays, Arezzo and Soma are together in Azzas.

From Fashion to Pets

After six years at Arezzo, Penna wanted to solidify her journey as a CFO. And Petz came with the right offer. "It was a CFO role with a broad scope – beyond finance, it included investor relations, strategy, and new business." She had never worked in areas like taxes or treasury, but she was willing to learn.

Her passion for animals also helped: in addition to her three children, Penna has four dogs, a bird, and recently bought two Mongolian squirrels for her oldest son. "I’ve always liked a full house. I think it’s because I’m an only child," she jokes.

At the time, Petz had just gone public and was a market darling, with high multiples and a strong appetite for growth. Once again, the M&A agenda came into play: immediately, she handled the closing of Zee Dog’s acquisition, which occurred just before her arrival. She then also acquired the pet hygiene product manufacturer Petix, further verticalizing the retailer toward industry.

However, the days of low interest rates were over, and the pet sector experienced a tough aftermath post-pandemic. Demand dropped and competition increased – and Penna had to change her approach.

“We shifted from expansion to efficiency, to zero-based budgeting. It’s certainly a challenge, but it gave me a much more complete skill set. I moved from a company with higher margins, more investment in marketing, and branding, to an industry with tighter margins. These are complementary skills,” she says.

Today, in addition to her role as CFO at Petz, Penna also shares her experience in the consumer sector as a board advisor for Tania Bulhões, a décor brand, and Karsten, the manufacturer of Trussardi bedding.

“At the time of the first invitation, Sergio [Zimerman, founder and CEO of Petz] asked me, ‘Board positions take time, won’t this take your attention away from here?’ I said no, that it would make me a better executive. On the second invitation, he didn’t even question it.”

The IBGC board formation course was done alongside her daughter’s birth and the Cobasi merger. (She had enrolled in 2023, when she thought she would attend most of the classes during maternity leave.)

How to balance so many things? More than a lesson in time management, the lesson is about managing expectations and priorities: “You can’t do everything. There’s always one plate falling. But you can choose what’s essential, surround yourself with good people, and ask for help – and I do that all the time.”

The text was translated with artificial intelligence. If you have any questions or corrections, please write to rafael.balago (at) exame.com."