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 filing. Itau BBA said the decision boosts its forecast for Nubank’s next year net profit by 15%.
The move brings much-needed cost ...
