1. dLocal appoints two new independent directors to its board. 2. The board now includes five independent members for enhanced governance. 3. Paco Ybarra and Nelson Mattos bring extensive experience in finance and technology. 4. The transition reflects a commitment to long-term value creation. 5. New committees established to focus on governance, compensation, and product.
FAQ
Why Bullish?
The board's composition may enhance governance and strategic direction, attracting investors. Historical examples show improved performance following board restructuring in tech firms.
How important is it?
The board's strengthening signals commitment to governance and innovation, crucial for investor confidence.
Why Long Term?
Long-term benefits from enhanced governance and strategic oversight can lead to sustainable growth, as seen with firms like Microsoft post-restructuring.
dLocal Transitions to a Majority Independent Board of Directors
MONTEVIDEO, Uruguay, Dec. 23, 2025 (GLOBE NEWSWIRE) -- dLocal Limited (“dLocal”, the “company”, “we”, “us”, and “our”) (NASDAQ: DLO), a prominent financial technology firm specializing in payments across emerging markets, has successfully completed the transition to a nine-person Board of Directors composed of a significant majority of independent members.
New Board Appointments Strengthen Governance
As part of its ongoing commitment to enhancing corporate governance, dLocal has appointed Paco Ybarra and Nelson Mattos as independent directors, bringing the total number of independent board members to five. This change follows the governance update shared during the second quarter earnings presentation in August.
- Paco Ybarra: Former CEO of Citi’s Institutional Clients Group (ICG) with a 36-year career at Citigroup, he has significant experience in financial markets and risk management.
- Nelson Mattos: Brings extensive leadership in product development from his tenure as Vice President at Google and as a Distinguished Engineer at IBM, alongside advisory roles for startups across Silicon Valley and Europe.
Commitment to Long-term Value Creation
Andres Bzurovski, co-founder of dLocal, stated, “The completion of our transition to a Board with five independent directors reflects our commitment to strong governance and long-term value creation.” He emphasized that Ybarra’s and Mattos’ unique skills will significantly enhance dLocal’s strategy as it continues to innovate for enterprise merchants and solidify its leadership position in emerging markets.
Paco Ybarra expressed his enthusiasm, noting, “The company’s disciplined approach to risk and focus on customer impact in complex markets provides a solid foundation for long-term value creation.” Nelson Mattos echoed similar sentiments, stating, “I’m honored to join dLocal’s Board and look forward to contributing to its product strategy and technology governance as it scales globally.”
Board Composition and Transition Details
The new Board will include three additional independent directors: Will Pruett, Hyman Bielsky, and Veronica Raffo, alongside the chairman Andres Bzurovski, and current members Sebastian Kanovich, Luiz Ribeiro, and CEO Pedro Arnt.
As part of this transition, dLocal expressed gratitude to outgoing members Eduardo Azar, Martín Escobari, Jacobo Singer, and Sergio Fogel for their significant contributions. Sergio Fogel, while transitioning to a non-executive role as Co-Founder and Strategic Advisor, will continue to support the company on key matters.
New Committees for Enhanced Governance
With the establishment of the new Board, dLocal will also form three new committees aimed at enhancing its governance framework:
- Nominating & Corporate Governance Committee
- Compensation Committee
- Product & Technology Committee
About dLocal
dLocal is a leading provider in local financial technology within emerging markets, connecting global enterprise merchants to billions of consumers across over 40 countries in Africa, Asia, and Latin America. Through its “One dLocal” platform, global companies can streamline their payment processes, ensuring efficient integration without the need for managing multiple local entities or payment methods.
Forward-Looking Statements
This announcement may contain forward-looking statements regarding dLocal. Such statements involve risks and uncertainties that may cause actual results to differ materially. Factors affecting these uncertainties are detailed in dLocal’s filings with the U.S. Securities and Exchange Commission. dLocal undertakes no obligation to publicly update or revise any forward-looking statements.