Dive Brief:
- Nubank swiped long-time Visa executive Rob Livingston, who will take the finance reins of the upstart neobank from Guilherme Lago on July 13, the company said in a Monday press release and securities filing by its parent Nu Holdings. Logo is stepping down from the CFO seat he’s held for five years to serve as a special advisor to the company.
- In Livingston, the São Paulo, Brazil-based neobank is getting a CFO with more than three decades of experience in financial services, including 12 years at Visa, where he most recently served as CFO of North America. Prior to Visa, he worked at Capital One for 18 years.
- During Lago’s tenure, the company grew from a regional fintech to a global digital banking platform serving 135 million customers in Brazil, Mexico and Colombia. “This planned transition does not change Nubank’s operating model, risk appetite or long term strategy,” Nu Holdings said in the filing, which also thanked Lago for “significant contributions” to Nu’s growth and profitability.
Dive Insight:
Nu’s shares fell about 8% to close at $11.93 the day after the news of the CFO change. Bank of America Securities also downgraded its rating of the stock to “underperform” from “neutral” on Monday, according to Investing.com.
The financial leadership shakeup comes as the company is pushing into the U.S. In January, Nubank received conditional approval from the Office of the Comptroller of the Currency to establish a U.S. national bank and in March, it hired TikTok alum Kim Farrell to serve as its global marketing director, CFO Dive sister publication Banking Dive reported.
Nubank, named one of TIME magazine’s most influential finance companies of the year, reported net income rose 41% year-over-year in the first quarter to $871 million. Revenues rose above $5 billion for the first time, while the business also saw elevated credit loss allowances in the period, the company reported earlier this month.
David Velez, founder and CEO of Nubank, said in a statement that Lago determined “after careful consideration” that this was the right time for him to step down, noting that the two shaped the succession plan together.
“Rob Livingston is the right person to lead the team through what comes next. Our priorities, growth in our core markets, reshaping Nubank around AI, and disciplined international expansion, are unchanged,” Velez said in the statement.
