Nubank hires Visa veteran as CFO to accelerate US expansion
Nubank announced on Monday that Rob Livingston, a longtime Visa executive, will succeed Guilherme Lago as Chief Financial Officer on July 13. During his five-year tenure, Lago helped transform the company from a regional fintech into a global digital banking platform serving 135 million customers, and will serve as a special advisor after stepping down. The leadership change comes as Nubank actively expands into the US market, but market reaction was cautious, with shares falling about 8% the next day and BofA Securities downgrading the stock to 'underperform'.
Key points:
- Nubank announced in a press release and securities filing from parent company Nu Holdings on Monday that long-time Visa executive Rob Livingston will replace Guilherme Lago as Chief Financial Officer, effective July 13. Lago is stepping down after five years as CFO to take on a special advisor role at the company.
- Livingston brings more than three decades of financial services experience, including 12 years at Visa, where he most recently served as CFO for North America; he previously spent 18 years at Capital One.
- During Lago's tenure, the company grew from a regional fintech into a global digital banking platform serving 135 million customers in Brazil, Mexico, and Colombia. Nu Holdings stated in the filing that "this planned transition does not change Nubank's operating model, risk appetite, or long-term strategy," and expressed gratitude for Lago's "significant contributions" to Nu's growth and profitability.
In-depth analysis:
Nu shares fell about 8% to close at $11.93 the day after the CFO change was announced. According to Investing.com, BofA Securities also downgraded the company's stock from "Neutral" to "Underperform" on Monday.
The financial leadership change comes as the company actively expands into the U.S. market. In January, Nubank received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a U.S. national bank; in March, the company also hired former TikTok executive Kim Farrell as global marketing director, according to Banking Dive, a sister publication of CFO Dive.
Nubank was named one of the most influential financial companies of the year by Time magazine. Earlier this month, the company reported first-quarter net income rose 41% year-over-year to $871 million; revenue surpassed $5 billion for the first time, though credit loss provisions also increased during the period.
Nubank founder and CEO David Velez said in a statement that Lago made the decision to step down at this time "after careful consideration," noting that the two had developed a succession plan together. Velez said: "Rob Livingston is the right person to lead the team into the future. Our priorities — core market growth, reshaping Nubank around AI, and disciplined international expansion — remain unchanged."