Nu COO Lahrech Steps Down, Adding to Fintech Turnover
(Bloomberg) -- Nu Holdings Ltd. said Chief Operating Officer Youssef Lahrech is stepping down after more than five years, adding to a string of management changes in the upper ranks of Latin America's standout financial technology firm.
Lahrech will maintain a role at Sao Paulo-based Nu as permanent observer on the board's audit and risk committee, and he'll advise the company on credit strategy, the company said Tuesday in a filing. Chief Executive Officer David Velez will absorb his duties.
The news came as a surprise, since Lahrech had appeared on Nu's quarterly conference call only a week earlier. In March, Nu said Lahrech would lead global enterprise and global product operations, with Velez resuming direct command over the management team.
Nu shares fell 4.9% in late trading. The shares had gained 23% this year through Tuesday's regular session.
Lahrech's departure follows exits this year by Chief Product Officer Jag Duggal, Investor Relations Officer Jorg Friedemann and Chief Legal Officer Elita Ariaz. Earlier in May, Nu announced that former central bank chief Roberto Campos Neto would join as vice chairman.
After years of rapid growth fueled by a previously untapped market of Brazilians seeking better access to credit, Nu is now seeking to expand in a tougher climate with higher interest rates and potential delinquencies.
Lahrech joined Nu in 2020 as COO and took on the title of president in 2022. He had previously spent 19 years at Capital One Financial Corp. in Canada and the US.
The company said it continues to 'streamline efficiency' and speed its operations, according to the filing.
--With assistance from Cristiane Lucchesi.
(Corrects name of former chief legal officer in fifth paragraph)
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