Nexi's longtime CEO Paolo Bertoluzzo steps down (updated)
25/03/2026 20:56
Adds details in paragraph 2, background from paragraph 4 onwards March 25 (Reuters) - Italian payments group Nexi NEXII.MI said on Wednesday it has appointed insider Bernardo Mingrone as group chief executive officer, succeeding Paolo Bertoluzzo, who is stepping down after a decade in the role. Mingrone, currently deputy general manager and CEO of Nexi Payments, has also been co-opted as a director, effective immediately, the company said. Bertoluzzo's resignation comes at a time when Nexi is already grappling with mounting sector challenges. Shares of the company have fallen more than 27% so far this year. The company, earlier this month, outlined a three-year strategy, shifting its focus to steady cash generation, after it reported 2025 earnings and mid-term forecasts below expectations. Advances in technology are disrupting the payments industry, allowing new entrants to move in and undercut the role of banks. Legacy payments firms like Nexi are particularly exposed. Nexi wrote down 3.7 billion euros ($4.28 billion) in its 2025 accounts to reflect cheaper sector valuations of previously acquired businesses. ($1 = 0.8654 euros) (Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Shailesh Kuber) ((RajveerSingh.Pardesi@thomsonreuters.com;))