Nu COO Lahrech Steps Down, Adding to Fintech Turnover-OxBig News Network

(Bloomberg) — Nu Holdings Ltd. mentioned Chief Operating Officer Youssef Lahrech is stepping down after greater than 5 years, including to a string of administration modifications within the higher ranks of Latin America’s standout monetary know-how agency.

Lahrech will preserve a job at Sao Paulo-based Nu as everlasting observer on the board’s audit and threat committee, and he’ll advise the corporate on credit score technique, the corporate mentioned Tuesday in a submitting. Chief Executive Officer David Velez will take in his duties.

The information got here as a shock, since Lahrech had appeared on Nu’s quarterly convention name solely per week earlier. In March, Nu mentioned Lahrech would lead international enterprise and international product operations, with Velez resuming direct command over the administration staff.

Nu shares fell 4.9% in late buying and selling. The shares had gained 23% this 12 months by means of Tuesday’s common session. 

Lahrech’s departure follows exits this 12 months by Chief Product Officer Jag Duggal, Investor Relations Officer Jorg Friedemann and Chief Legal Officer Elita Ariaz. Earlier in May, Nu introduced that former central financial institution chief Roberto Campos Neto would be a part of as vice chairman. 

After years of fast progress fueled by a beforehand untapped market of Brazilians in search of higher entry to credit score, Nu is now in search of to broaden in a harder local weather with larger rates of interest and potential delinquencies.

Lahrech joined Nu in 2020 as COO and took on the title of president in 2022. He had beforehand spent 19 years at Capital One Financial Corp. in Canada and the US.

The firm mentioned it continues to “streamline efficiency” and pace its operations, based on the submitting. 

–With help from Cristiane Lucchesi.

(Corrects identify of former chief authorized officer in fifth paragraph)

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