March 25 (Reuters) - Italian payments group Nexi said on Wednesday it has appointed Bernardo Mingrone as group chief executive officer, succeeding Paolo Bertoluzzo. (Reporting by Rajveer Singh Pardesi
Nexi's longtime CEO Paolo Bertoluzzo steps down
Leadership Change and Strategic Shifts at Nexi
Bernardo Mingrone Appointed as New CEO
March 25 (Reuters) - Italian payments group Nexi 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.
Context of Bertoluzzo's Resignation
Sector Challenges and Share Performance
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.
Strategic Refocus and Financial Outlook
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.
Industry Trends and Financial Impact
Technological Disruption in Payments
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.
Impairment Charges and Sector Valuations
Write-down of Acquired Businesses
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)
