NuBank billionaire CEO gives up his stock award compensation

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NuBank billionaire CEO gives up his stock award compensation

seekingalpha2022-12-01

Nu Holdings (NU) stock gained 4.3% in Wednesday trading after its billionaire founder and CEO, David Vélez Osorno decided to give up his stock compensation in the wake the stock's 59% decline in the ...

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Moonshot
·2022-12-01
This is encouraging. Velez's action will add value to the outstanding shares and I believe the market will reward this accordingly. [Victory]
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In a recent filing, the digital bank, which operates under the name NuBank, said Vélez made the unilateral decision to terminate the 2021 contingent share award, the main compensation agreement between him and the company. Nu (NU) agreed to the request. Vélez said the move would make the company more efficient, as it would no longer need to recognize the share-based expenses related to the award and will result in total savings of $356M in the seven years following the termination date. It will also avoid potential dilution of existing shareholders in an amount equivalent to up to 2% of the total number of ordinary shares. In addition, he said his more than 20% stake in the company already \"serves to align his interest with those of shareholders in the current environment.\" He also told the company's board that he'll decline any new compensation in 2022 or in 2023 in the form of performance-based, long-term equity incentive awards or otherwise. 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