Nubank Makes Management Changes, Youssef Lahrech Named New President

Bloomberg Línea — Brazil’s Nubank (NU) on Monday appointed a new president. Youssef Lahrech, who had been COO of the fintech since 2020, heading its credit card, loan, and investment businesses in Brazil, will take on the role of president of the company and will report directly to CEO David Vélez, who will handle the day-to-day running of the operation in an executive role.

Co-founder Cristina Junqueira, CEO of the Brazil operation, will stay on Lahrech’s management team, and will also take on the position of Chief Growth Officer, managing the operations team and leading its strategies focusing on clients in Brazil, Mexico, and Colombia.

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In addition to Junqueira, who is the only woman on the bank’s board, the leadership that will report to Lahrech will consist of Chief Product Officer Jag Duggal, Chief Technology Officer Matt Swan, Chief Legal Officer Marco Araujo, Chief Financial Officer Guilherme Lago, Chief Risk Officer Henrique Fragelli and Vitor Olivier as Chief People Officer.

Nubank said in a statement to investors that it is redesigning its management team to support the implementation of an organizational system to expand user-centricity, product scalability, and platform efficiency.

Vélez will retain his position overseeing operational management, team leadership, company culture, and reputation, and will prioritize a “long-term” strategy, as well as expansion into other geographies and possible M&As, Nubank said.

For Lahrech, the fintech has created a new position, which will now oversee operations, budget, and performance management for global products, operations in markets, and corporate functions.

Nubank also released its results on Monday. Shares were up 8% in after-market trading. On Monday, the company’s stock had risen 10% on the New York Stock Exchange before the release of the figures.

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The fintech beat forecasts and saw revenues of $1.16 billion in second quarter, above an estimated $1.01 billion. Adjusted net income was $17 million in the period, while analysts had expected a loss of $16.9 million, Bloomberg News reported.

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The fintech had 65.3 million customers in the quarter, an addition of 5.7 million.

Nubank is holding a conference call with shareholders on Monday night.

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