Succession of Silvio Santos: youngest already in charge of SBT, Jequiti and other companies

THE succession at Grupo Silvio Santos and SBT tin airs of mystery. Already a nonagenarianthe presenter continuesgo ahead of business with his centralizing style. Silvio Santos, however, he had a plan for the future of their companies – although not revealedassand almost nothing about what I planava for his legacy.

The presenter died this Saturday (17), aged 93, as a result of bronchopneumonia after infection with influenza (H1N1).

Preparing to pass the baton from the companies ggroup it won strength in 2016when SBT – the holding company’s main company – faced another of its major crises.

The broadcaster, which earns around R$1.1 billion and has an estimated net profit (no there is publishestion of swingwthe regular oneses) in R$ 40 million, ended the year of 2016 with a net profit of R$6.6 million, less than a tenth of the earnings recorded a year earlier. In 2015, profits had been R$76.1 million, according to the results released at the time.

One of the network’s difficulties has always been the combination of low revenue and very high costs. To solve this problem and overcome this latest crisis, the Silvio Santos Group hired the American consultancy McKinsey, a reference in business restructuring. The idea was to organize the accounts and – also – the succession of the businessman and presenter, according to media reports between 2015 and 2016.

In 2017, after achieving savings of R$100 million, which cost approximately 200 jobs, SBT managed to have an accounting profit of R$38.6 million, according to the balance sheet at the time.

Relive the highlights of Silvio Santos’ career

Daughters in the succession

For Silvio Santos’ succession, the idea was to prioritize two of the presenter’s six daughters: the youngest Renata, 36, and Daniela, 45. Renata, according to the market, has been prepared to be president of the group since 2010.

It was that year that Silvio’s companies faced their greatest financial challenge: Banco Panamericano, then owned by the presenter, had a R$4 billion hole caused by fraud between 2006 and 2010. The problem began with the sale of the credit portfolio to other financial institutions. The problem is that bank employees sold these credits, but still entered this money on the balance sheet to falsify results.

It was in the midst of this sensitive moment that Silvio Santos put his nephew Guilherme Stoliar in charge of the holding company. Power was then divided between Stoliar, his daughters – mainly Renata – and Silvio Santos, who always made the final decision.

“The group has had good professionals in management for a long time. But the final word is always Silvio’s. Even now during the pandemic, when he has been away from home. And he does everything in his own head: one minute, he hires several journalists and, the next, he closes down the journalism division. It has always been like this,” said a source in the advertising market who preferred to remain anonymous.

It was during the pandemic that Stoliar, after 49 years in the group, stepped down. The reins of the business were handed over to Renata in August 2020.

Like her sisters, Renata Abravanel studied in the United States throughout her life. She graduated in business administration from Liberty University, a private, unassuming evangelical university in Lynchburg, Virginia.

“He is my mentor. I like to observe how my father conducts meetings, his vision and the way he treats people,” the executive told Folha de S.Paulo in a rare interview in 2014. “It is obvious that we are working on the succession. Every important role has to have a plan B. However, Silvio Santos is irreplaceable,” added Renata, who has been married to businessman Caio Curado since 2015 and is the mother of Nina (4) and Daniel (2).

Of the six daughters, Renata is the most discreet, the one who appears in front of the cameras the least. Under her command are not only the broadcaster but also the SBT affiliates (TV stations in São Paulo, Rio, Brasília and Porto Alegre), the Jequitimar hotel in Guarujá, the cosmetics brand Jequiti, Liderança Capitalização, Sisan Empreendimentos and SS Participações. All of the companies have market executives in charge, including SBT.

Silvio Santos’s station management

The broadcaster, which has been around for over 40 years, has been headed by José Roberto Maciel for almost a decade. It was he, for example, who hired commercial directors from Globosat. These new executives were recently responsible for one of the boldest strategies – in terms of SBT – within the open channel: the bet on football broadcasts.

SBT purchased the rights to South American competitions and achieved good audience ratings with the broadcasts. In recent years, the broadcaster has also started investing in online content, launching the SBT News website.

But Maciel is not alone in command. He has Renata’s right-hand woman, her sister Daniela Abravanel Beyruti, 44, executive director of SBT, as his director. She also graduated from Liberty University in the United States, has a degree in social communications and has worked at the station since 2010.

She was responsible for changing the channel’s programming a little – always very focused on series like “Chiquititas” and talk shows. She was the one who bought formats like “10 years younger”, “What not to wear” and “Britain’s got talent”.

But who would replace Silvio Santos on screen?

Of the presenter’s six daughters, Patricia, Rebeca and Silvia have tried their hand at presenting. Cíntia, the oldest, only takes care of Teatro Imprensa and is the mother of actor Tiago Abravanel.

Daughter adopted by Silvio Santos when she was three days old, Silvia is a producer, voice actress and known for hosting the television program Bom Dia & Companhia since July 2015.

Patricia has hosted several programs and enjoys being an “influencer” on the internet. She is married to former Minister of Communications Fábio Faria, who was also a federal deputy.

Currently, Patricia Abravanel presents the Silvio Santos Program on SBT.

Slicing of the holding company

While Silvio’s place in front of the cameras is still unknown, the fate of the group’s companies is more predictable. A big bet in the market is that the group will, in some way, be divided up.

The second largest company in the group (after SBT), Jequiti Cosméticos would be the first to be sold. The brand does not have its own industry and recently went through a restructuring process.

Market sources expect Jequiti to follow the same path as Baú da Felicidade, which had 121 stores and, in June 2011, was purchased by Magazine Luiza for R$83 million.

In 2023, Jequiti had approximately R$3 billion in revenue and R$248 million in profits.

Succession of Silvio Santos: youngest already in charge of SBT, Jequiti and other companies