Persio Arida, the former chairman of BTG Pactual Group, will resign from his director positions at the company and units Banco BTG Pactual SA and BTG Pactual Participations Ltd. to "dedicate himself exclusively to his intellectual pursuits," according to a company press release.

Arida will also sell his stake in the companies during the coming months. The resignation and stake sale are subject to applicable regulatory communication and approvals.

Arida decided to step down as BTG Pactual's chairman and relinquish his executive responsibilities in November 2016.