Nubank: David Vélez is elected one of the best CEOs of 2023 – 12/29/2023 – Market

David Vélez, 41, co-founder of Nubank is one of the five best CEOs in the world in 2023, according to a ranking by The Economist magazine.

The publication classified Vélez as responsible for the “Brazilian digital bank that is gaining customers throughout Latin America.”

“Under his leadership, Nubank, which he co-founded in 2013, became the fifth largest financial institution in Latin America by number of customers,” writes the Economist.

The magazine examined the performance of those responsible for large companies listed in the S&P 1200 index, which covers companies from the world’s largest economies, except China and India.

The companies’ executive presidents were classified based on the results they brought to shareholders in comparison with the average for the companies’ area of ​​activity. Those who have been in the position for less than three years do not participate in the ranking.

The CEO of Nubank came in fourth place, behind Jensen Huang (from chipmaker Nvidia), Mark Zuckerberg (from bigh tech Meta, owner of Facebook) and Kazuma Sekiya (from the manufacturer of precision tools for the production of semiconductors Disco ) and ahead of David Ricks (from the pharmaceutical company Eli Lilly).

“In 2023, we will deliver exponential growth and solid results, generating value for our shareholders, customers and employees. We will remain committed to efficient execution, based on a solid organizational culture, operational efficiency and total customer focus,” said Vélez, through note.

According to the company’s website, before Nubank was founded, he was a partner at Sequoia Capital, worked at Goldman Sachs, Morgan Stanley and General Atlantic.

The Economist considers, however, that Vélez’s strategy has not borne fruit in all of the bank’s areas of operation. “While Nubank is profitable overall, something many of its peers fail to achieve, it is losing money in Mexico, where its goal of reaching the unbanked is proving costly.”

The publication also assesses that slow growth in several markets left executives struggling to control costs, and that inflation encouraged their workers to demand hefty salary increases.

The magazine adds that the worker satisfaction index leaves something to be desired at Meta and Disco.