Nubank’s billionaire ceo scraps stock compensation after rout
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November 30, 2022 at 12:57 PM EST Lock This article is for SUBSCRIBERS ONLY. David Velez, the Colombian billionaire who helped found the world’s biggest standalone digital bank, has given up
his stock compensation after shares slumped 64% since their peak last year. Nu Holdings Ltd. said Velez, who serves as chairman and chief executive officer for the Sao Paulo-based company,
asked to end a stock-based incentive program relative to 2021. The executive also declined any new stock compensation tied to performance this year and in 2023, according to a
filingBloomberg Terminal. Itau BBA said the decision boosts its forecast for Nubank’s next year net profit by 15%.