DLOCAL LTD announced it has completed the transition to a nine-person, majority independent Board of Directors, now comprising five independent members. Following through on the governance update shared in August during its second quarter earnings presentation, dLocal has appointed Paco Ybarra and Nelson Mattos as independent directors, further strengthening the Board's depth in global technology, financial markets, and risk management. Mr. Ybarra joins the Board after a 36-year career at Citigroup, where he was CEO of Citi's Institutional Clients Group (ICG), a member of Citi's Management Committee, and co-chaired the ICG Risk Management Committee.
He has also held roles on corporate boards, including his current tenure at The Man Group plc. Mr. Mattos brings extensive product development and engineering leadership experience, including service as Vice President at Google for Europe and Emerging Markets and earlier with IBM as a Distinguished Engineer and Vice President for Information and User Technologies. He is an independent consultant advising startups across Silicon Valley, Europe, and emerging markets, and sits on several boards and nonprofits.
Ybarra and Mattos will join the other three independent directors Will Pruett, Hyman Bielsky, and Veronica Raffo. They will sit alongside chairman Andres Bzurovski, as well as current board members Sebastian Kanovich, Luiz Ribeiro and CEO Pedro Arnt. As part of this transition, dLocal thanks Eduardo Azar, Martín Escobari, Jacobo Singer and Sergio Fogel for their meaningful contributions and service to the company?s Board over the years.
Mr. Fogel, who is currently President and Chief Strategy Officer at the company, is also transitioning to a non-executive role as Co-Founder and Strategic Advisor, supporting the company on regulatory, technology, and business and corporate development matters. With the new Board in place, and as previously communicated, the company is also constituting three new committees: a Nominating & Corporate Governance committee, a Compensation committee and a Product & Technology committee.
