dLocal appoints two independent directors to complete board transition

dLocal Limited (NASDAQ: DLO) announced the appointment of Paco Ybarra and Nelson Mattos as independent directors, completing its transition to a nine-person board with five independent members.

Ybarra joins after a 36-year career at Citigroup, where he served as CEO of the Institutional Clients Group and was a member of Citi's Management Committee. He currently serves on the board of The Man Group plc.

Mattos brings technology and product development experience from roles including Vice President at Google for Europe and Emerging Markets and Distinguished Engineer and Vice President for Information and User Technologies at IBM. He currently works as an independent consultant advising startups and serves on multiple boards.

The appointments fulfill a governance update the financial technology company shared in August during its second quarter earnings presentation. Co-founder Andres Bzurovski will serve as chairman of the new board composition.

The new independent directors join existing independent board members Will Pruett, Hyman Bielsky, and Veronica Raffo. The board also includes chairman Bzurovski, Sebastian Kanovich, Luiz Ribeiro and CEO Pedro Arnt.

Four departing board members - Eduardo Azar, Martín Escobari, Jacobo Singer and Sergio Fogel - concluded their service. Fogel, currently President and Chief Strategy Officer, will transition to a non-executive role as Co-Founder and Strategic Advisor.

The company said it will establish three new committees: Nominating & Corporate Governance, Compensation, and Product & Technology.

dLocal operates a payments platform connecting global merchants with consumers across more than 40 countries in Africa, Asia, and Latin America.

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