The fourth C-suite exit in just over a year
In the natural rhythm of institutional maturation, Nubank bids farewell to Guilherme Lago — the architect of its relationship with financial markets — as the Brazilian fintech navigates a delicate moment in the credit cycle. After five and a half years shaping how the world understood Nubank's finances, Lago departs toward entrepreneurship, passing the ledger to Rob Livingstone, a seasoned veteran of Visa and Capital One whose three decades span continents and crises. The handoff, effective July 13, asks a new steward to steady a ship that has lost nearly a quarter of its market value this year, even as it remains one of the most consequential financial institutions in the hemisphere.
- Nubank's fourth C-suite departure in just over a year signals that the turbulence at the top is structural, not incidental — a maturing giant shedding its founding-era skin.
- Lago was not merely a CFO but the human bridge between Nubank and its investors, and his absence creates a trust gap that Livingstone must close quickly in an already anxious market.
- Brazilian credit markets are fraying: rising provisions, deteriorating loan quality, and a stock down 23% year-to-date mean Livingstone inherits a balance sheet under scrutiny, not celebration.
- Nubank is betting that Livingstone's 30-plus years across Visa, Capital One, Europe, and Asia carry the institutional gravity needed to reassure markets during a vulnerable credit cycle.
- Lago's advisory role on the risk committee is a deliberate hedge — keeping his institutional memory close while the new CFO finds his footing inside one of Latin America's most complex financial organisms.
Guilherme Lago is leaving Nubank after five and a half years as its chief financial officer, the fourth C-suite departure from the Brazilian fintech in just over a year. His successor, Rob Livingstone, comes from Visa's North American division — the payments giant's largest business globally — and will assume the role on July 13. Though Lago is stepping away from day-to-day leadership to pursue entrepreneurial ventures, he will remain as an advisor to Nubank's risk committee, preserving continuity during the handover.
Lago joined Nubank in June 2019 and rose to CFO in early 2021, having previously spent thirteen years as a managing director at Credit Suisse. Over his tenure, he became the bank's primary face to investors and financial markets — a visibility that made his departure consequential beyond the organizational chart.
Livingstone brings more than three decades of experience across North American, European, and Asian markets. In addition to leading Visa's North American finances, he previously served as CFO of Visa's European business and held senior roles in China and Canada. He also spent eighteen years at Capital One, deepening a pattern founder David Vélez has been quietly building: Nubank's leadership now includes several Capital One alumni across its credit card and personal lending divisions.
The transition arrives at a difficult moment. Earlier C-suite exits — including the president and COO, the chief product officer, and the chief technology officer — have accumulated into a visible leadership reshuffling. Meanwhile, Brazil's credit environment is under strain: Nubank reported rising loan loss provisions and growing non-performing loans in the first quarter, and its shares have fallen 23 percent on the New York Stock Exchange since January, leaving the company valued at roughly $63 billion. Livingstone steps into a role that demands both internal steadiness and external credibility, at precisely the moment both are being tested.
Guilherme Lago is stepping down as chief financial officer of Nubank after five and a half years, a departure that marks the fourth C-suite exit from the Brazilian fintech giant in just over a year. His replacement, Rob Livingstone, arrives from Visa, where he spent the last four years running the financial operations of the payments giant's North American division—its largest business globally. The transition takes effect on July 13.
Lago and Nubank founder David Vélez had been discussing the move for months, according to people familiar with the conversations. Lago decided to leave the company to pursue entrepreneurial ventures, though he has not yet announced specific plans. Despite stepping away from his executive role, he will remain connected to the bank as an advisor to its risk committee and management team, a structure that keeps his institutional knowledge accessible during the transition.
Lago's tenure at Nubank began in June 2019 as director of finance, and he was promoted to CFO in February 2021. Before joining the fintech company, he spent thirteen years as a managing director at Credit Suisse, with earlier stints at Advent and McKinsey. During his time at Nubank, he became the bank's primary interface with financial markets and investors—a role that gave him outsized visibility in Brazil's banking sector.
Livingstone brings more than three decades of experience across North American, European, and Asian financial markets. Beyond his four years leading Visa's North American operations, he previously oversaw corporate finance and investor relations, served as CFO of Visa's European business, and held leadership positions in China and Canada. He also spent eighteen years at Capital One, where he ran the company's Canadian operations. His appointment continues a pattern Vélez has been building: Nubank's leadership team now includes multiple veterans from Capital One, including Emilia Lopez, who heads the credit card division, and Jessica Paul, who leads the personal lending business.
Lago's departure is part of a broader reshuffling at the top of Nubank. In May 2025, Youssef Lahrech stepped down after nearly six years as president and chief operating officer. Before that, Jag Duggal, the chief product officer, also left. Last August, Vitor Olivier, the chief technology officer, departed to found the startup Decade. The executive churn reflects both the natural evolution of a maturing company and the competitive pressure to attract and retain top talent in a crowded fintech landscape.
The timing of Lago's exit arrives during a fragile moment for Brazilian credit markets. Concerns about deteriorating asset quality at some banks have weighed on valuations across the sector. In the first quarter of this year, Nubank reported a significant increase in loan loss provisions and a rise in non-performing loans—a disclosure that sent the stock down on the day. Since the start of 2026, Nubank's shares have fallen 23 percent on the New York Stock Exchange, with the company's market capitalization now standing at $63.3 billion. Livingstone will inherit a company navigating both internal leadership transitions and external headwinds in the credit cycle.
Citações Notáveis
Lago decided to leave the company to pursue entrepreneurial ventures, though he has not yet announced specific plans— Sources familiar with discussions between Lago and founder David Vélez
A Conversa do Hearth Outra perspectiva sobre a história
Why does it matter that Lago is leaving now, specifically? Is this just normal executive turnover?
It's the fourth C-suite departure in fourteen months. That's not normal. It signals either instability or a deliberate reshaping of the company—and given that Vélez is replacing these people with seasoned banking veterans, it looks intentional. But it also happens when the stock is down 23 percent and credit quality is deteriorating.
So Livingstone is supposed to steady the ship?
He's supposed to bring credibility with investors and regulators. Visa's North American CFO is a heavyweight role—that's the biggest part of Visa's business. He knows how to manage through cycles, how to talk to markets. That matters when people are nervous about your loan book.
What about Lago? Is he being pushed out or is this genuinely his choice?
The reporting suggests it's his choice—he and Vélez discussed it for months. But the timing is interesting. He's not disappearing; he's staying as an advisor. That's a soft landing, which suggests goodwill. But it also means Vélez wanted him gone cleanly, without drama.
Why does Nubank keep hiring from Capital One?
Because Capital One is a consumer lending machine. They know how to underwrite credit, manage risk, scale operations. Nubank is trying to become a real bank, not just a fintech. You need people who've done that before. Capital One people have.
Is Livingstone going to change how Nubank operates?
Probably not immediately. He's a financial operator, not a product person. His job is to make the numbers work, to restore confidence in the balance sheet. That's what Nubank needs right now.