Shares in Nexi fall as CFO picked to replace longtime CEO
26/03/2026 09:04
MILAN, March 26 (Reuters) - Shares in Italy's Nexi NEXII.MI fell in early Thursday trade, underperforming a weak Milan market, after Europe's biggest payments company said finance chief Bernardo Mingrone was taking over as chief executive. A Milan-based trader said the change was not negative in itself, as a new leader could help the embattled group turn a page, but in the short term it added uncertainty. Nexi said late Wednesday that Mingrone was replacing CEO Paolo Bertoluzzo, who led the company for a decade, overseeing its 2019 listing, its acquisition-fuelled expansion and its struggle with a plummeting share price as the wider sector came under pressure. Payments firms soared during the pandemic-driven boom in e-commerce, but shares later sank as rapid technological change fuelled concerns that new entrants could outpace incumbents such as Nexi. The company's business is traditionally tied to banks, whose role in payments is increasingly challenged by new technology. Shares in Nexi were down 1.6% at 3 euros at 0827 GMT, against a 0.6% drop in Italy's blue-chip index .FTMIB. Nexi listed at 9 euros a share and hit a record high above 19 euros five years ago. "Mingrone is taking on the role of CEO in challenging times, as Nexi faces revenue headwinds from contract losses and increased competitive threats in core markets, putting, in our view, pressure on future re-acceleration and profitability," Jefferies analysts said. "That said, Mingrone demonstrated strong execution in restructuring Nexi's balance sheet post-IPO and throughout the European consolidation phase." (Reporting by Valentina Za and Giancarlo Navach. Editing by Mark Potter) ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))