Nu Holdings CTO Eric Young Resigns, CEO David Vélez Takes Interim Oversight as Shares Drop 12%
Updated
Updated · Yahoo Finance · Oct 26
Nu Holdings CTO Eric Young Resigns, CEO David Vélez Takes Interim Oversight as Shares Drop 12%
1 articles · Updated · Yahoo Finance · Oct 26
Summary
Eric Young resigned as Nu Holdings' CTO earlier in October, leaving CEO David Vélez to oversee global platforms with interim co-lead John Walton while the board searches for a permanent replacement.
The handover lands at a sensitive moment for Nu, whose digital banking model depends on stable engineering leadership for AI underwriting, onboarding and product rollouts across Brazil, Mexico and the U.S.
Brazil's political outlook has added pressure after Lula's election victory triggered a 12% overnight share drop and raised questions about funding conditions, credit demand and customer activity.
Nu's near-term test remains credit quality—especially unsecured loans and cards with 8.6% bad loans—more than the leadership change itself, as investors watch whether funding costs and unit economics hold up.
Analysts still price in a steep growth path, projecting $45.4 billion in revenue and $8.2 billion in earnings by 2029, built on 75.1% annual revenue growth.