One of Brazil’s most respected business leaders, Fábio Colletti Barbosa is known for combining strong executive leadership with a values-driven approach to management. Throughout his career, he has held top leadership roles including President of Banco Santander, FEBRABAN, Natura,and others. Educated at Fundação Getulio Vargas and IMD in Switzerland, Barbosa built his leadership style in multinational environments, managing complex organizations and leading large-scale transformations across Latin America and internationally. He is recognized for embedding ethics, sustainability, and long-term value creation at the core of business strategy—demonstrating that strong governance and responsible leadership are fully compatible with high performance.
During your time as a bank president in São Paulo, you decided to take care of the “street next door,” which eventually led to the creation of the Alameda das Flores project. Could you walk us through that experience and share some advice on how each of us can make a difference, starting with the street in front of our own homes?
This story only makes sense within a broader belief that has guided my life: “you can succeed by doing the right thing, the right way.” Many people assume that to win you must compromise. My mission has always been to prove the opposite.
When I looked down from my office and saw that dark, unsafe pedestrian street, I had a simple thought: “people who live in the shadows cannot withstand the light.” And by light, I didn’t just mean lamps—I meant life.
Instead of repression, we brought activity. A coffee shop, a flower store, music, better pavement. The space changed. One day someone told me, “The drug dealers are gone.” I answered, “Yes. They moved somewhere with shadows.”
That’s when the idea grew bigger than that single street. I put up a sign that said something very simple: If each of us changes the street next to our own home, we change the world. That became my personal mantra.
There’s also a deeper lesson behind it, especially for leaders. You cannot be successful for long in a world that is failing around you. If the environment around you degrades—socially, ethically, humanly—your success will not last.
That small street next to the bank became a turning point in my life. It reminded me that leadership is not about grand speeches or distant strategies. It’s about responsibility for what is closest to you.
In an interview, you mentioned that our mission is to “leave the world better for the next generation” and that this should be approached in a systematic way. You have led and are still leading many big companies — how can companies turn such ethical goals into concrete, everyday practices?
Our responsibility is simple: leave the world better than we found it. That idea is not new—it’s embedded in ancient wisdom. In simple terms: leave more nature, more knowledge, and more life behind you. To me, is the essence of sustainability.
Over time, I have witnessed an important shift. Younger generations today display a level of environmental, social, and ethical awareness that simply did not exist when I was young. Transparency is now constant and society no longer tolerates behaviors once considered normal.
Why does this matter for companies?
Because while economic cycles are hard to predict, demographics are not. The people who are 20, 30, or even 10 years old today will define markets in the coming decades. Their values and expectations are already shaping demand.
For example, I sit on the board of a large beverage company, and the data shows that young people are drinking less alcohol—not because of regulation, but because they prioritize health and wellbeing. That shift alone forces companies to rethink their models. The same applies to food, packaging, energy, and sourcing.
A critical leadership lesson follows: society evolves faster than regulation. Many companies today face significant penalties for practices that were once legal but are no longer acceptable. The key question, therefore, is not “Is this legal today?” but “Will this still be acceptable tomorrow?”
In practice, this means thinking forward, not defensively. Sustainability and ethics are not constraints on growth—they are indicators of where growth will occur.
We no longer live in a world of “either/or.” Either you do good or you make money. That world is over. We now live in a world of “and.” You must do the right things and perform well.
The true role of a CEO is not to maximize short-term profit, but to perpetuate the company—delivering results today while building legitimacy and relevance for tomorrow.
When companies invest in clean energy, redesign products, reduce sugar, improve sourcing, or support communities, they are not merely reacting to pressure. They are aligning with the direction society is moving.
That is how a high-minded ethical goal becomes everyday practice: by listening carefully to societal signals, anticipating value shifts, and embedding them into strategy, operations, and culture—not as sacrifice, but as leadership.
You have spoken about the need for Brazil to overcome polarization through a development agenda that ensures “prosperity for all.” How can the business sector move from being a mere “observer” of politics to becoming a true driver of construction and democratic stability?
I have always believed that indignation is not a problem—indignation is actually the starting point. The real problem is indifference.
Brazil today—like many countries—is deeply polarized. That polarization is not born out of ideology alone; it comes from frustration, from the feeling that the system has failed to deliver prosperity, dignity, and opportunity for everyone. In that sense, indignation is a healthy signal. It tells us that people still care.
But indignation alone is not enough. It must become action.
Businesses cannot see democracy and social stability as someone else’s responsibility. I myself have been actively involved in civic mobilization, public letters, and collective actions when I felt democratic principles were at risk. The “good part” of society must show up.
If you ask me what to do when you feel powerless, my answer is very simple:
Make sure your daily behavior is fully aligned with what you believe is right. Do not compromise just because others do. Live as a role model.
I am also very clear about something else: inspiration works better than fear. I don’t believe in ethics driven by punishment or compliance alone. I believe in ethics driven by conviction. The same applies to diversity, sustainability, and inclusion. I don’t pursue them because society demands it or because I might be criticized otherwise. I pursue them because they lead to better decisions, better understanding of problems, and ultimately better outcomes.
So how can business move from observer to driver of construction and democratic stability?
By refusing complacency.
By transforming indignation into action—starting with their own behavior.
By aligning profit with responsibility, not opposing them.
And by remembering that long-term prosperity—for companies and for countries—only exists when people feel included, respected, and hopeful.
That is how indignation becomes construction.
What is the role of human capital—particularly education, ethics, and leadership—in determining a nation’s capacity to achieve sustainable long-term well-being?
When I reflect on human capital and its role in a nation’s long-term well-being, two pillars stand out: reference and education.
The first is cultural reference. Nations evolve when they can point to visible examples of success achieved with integrity. I chose to work with Natura precisely because it represents that possibility. After the financial difficulties that followed the Avon acquisition, some critics suggested that ethical and environmental commitments had weakened the company. I believe the opposite is true.
We restored financial stability without compromising Natura’s ethical and sustainable DNA. That experience reinforced a conviction I have carried throughout my career: integrity is not an obstacle to performance — it is a competitive advantage. When companies succeed while preserving their values, they become references. And references shape culture.
The second pillar is education and capacity-building. Sustainable development is not built on improvisation. It requires people who understand consequences, risks, and long-term trade-offs. Education expands horizons. It allows individuals to move beyond short-term survival logic and make responsible choices. Strong human capital — educated, ethical, and empowered citizens — is the foundation of lasting prosperity.
Technology and transparency now reinforce this process. We live in a world that is permanently “on.” Behavior that once went unnoticed is now visible. This visibility strengthens accountability and raises standards. In such an environment, coherence between values and action becomes not only desirable, but necessary.
That is the real investment in human capital: building a society where competence and character advance together — and where doing the right thing is not exceptional, but expected.
You recently shared on LinkedIn a photo of Pelé in your living room. In your post, you reflect on the need to “Work Out by Doing the Right Thing, in the Right Way, instead of just blaming Brazil’s structural problems. Why did you choose Pelé? And do you see Natura’s success as proof that results come not from perfect conditions, but from the courage to take responsibility for solving shared problems?
I am 70 years old, and when I was eight or nine, Pelé was at the peak of his career. I went to every Santos match I could. For a teenager like me, he was more than a football player—he was an idol. Over the years, I collected photos of him, and the one I shared is special because it reminds me not only of his achievements, but of his values.
Pelé succeeded at the highest level without compromising his integrity. He stayed away from scandals and destructive behavior. Once, I asked him why he referred to himself in the third person. He gave me a remarkable answer: “Pelé is the idol the world sees outside, but at home I am Edson.” That distinction impressed me deeply. It showed balance—public excellence combined with personal simplicity. For me, he became a symbol of succeeding without losing your values.
Now, connecting that to Natura, the parallel is clear. Natura’s success did not come from ideal conditions. It came from the decision to take responsibility for solving shared problems in two key steps.
- Empowering people: Natura’s consultant network provides additional income opportunities and engages communities directly. It’s a model that addresses social challenges while building loyalty and purpose into the business.
- Leveraging local resources responsibly: Instead of importing ingredients, they looked to Brazil’s biodiversity, creating unique products from natural resources. This approach not only preserves the environment but also creates income for local communities.
From there, the model evolved—sustainable packaging, diversity initiatives, fair compensation for distributors—all embedded into the business itself. Natura proves that ethical responsibility, social and environmental consciousness, and strong business results are not only compatible—they reinforce each other.
So, just as Pelé showed that one can achieve greatness without compromising integrity, Natura shows that companies can thrive by taking responsibility for the world around them. Both are lessons in courage, consistency, and leading by example.
In the media, you are often mentioned as one of the highest-paid CEOs in Brazil. Beyond financial success, what truly keeps you going?
I love this question. And let me start by clarifying something, because it’s important. That salary reported in the press was not my salary, although your question remains valid. Yes, I am financially comfortable. But money has never been what drives me. What truly motivates me is a mission: to prove that it is possible to succeed by doing the right things, in the right way.
That’s why I give interviews like this. I do it because I feel a deep responsibility to inspire people and to demonstrate that ethical leadership is not naïve, and it’s not incompatible with success. That´s my mission and I take this very seriously. That, more than anything else, is what keeps me moving forward every single day.
In your view, what are the most urgent challenges or ‘jobs to be done’ that leaders must tackle today to create lasting impact for their organizations and society?
First of all, attitude. As Ralph Waldo Emerson said, “Your attitudes speak so loudly that I cannot hear what you say.” I don’t believe in leaders who speak well but behave poorly. We see this often, especially in politics—people with great rhetorical skills whose actions tell a very different story.
Don’t tell me what you think; show me how you behave.
Second, leaders must inspire, not intimidate. People should be motivated by purpose, not by threats or rewards alone. And this principle must be reflected in how leaders choose and promote people. To build organizations that last, leaders must surround themselves with people who share the same core values.
Finally, be a visible reference of integrity. In today’s transparent world, everything eventually becomes public. Leaders must show that doing things the right way truly pays off.
I strongly believe in this idea of being a reference. Not everyone has the same point of view—and that’s healthy. Diversity of experience enriches organizations. But values must be shared. I consider myself a rather shy person by nature, yet over time I became more outspoken because I realized I could—and should—be a reference.
Leadership, in the end, comes from coherence between what you believe, how you act, and the courage to stand by those values—even when it costs you something. That’s how you create lasting impact, both for organizations and for society.
Thank you.
INTERVIEW by Enrico Foglia and Cristiane Moura