nCino appoints senior product executive as new CEO
nCino, a leading provider of cloud-based banking solutions, has announced the appointment of Sean Desmond as its new President and CEO. Desmond, who previously served as the company's chief product officer, will succeed Pierre Naudé, who will continue as the executive chairman of nCino's board.
In his new role, Desmond will lead nCino's growth strategy, which focuses on global expansion, particularly accelerating growth in EMEA (Europe, Middle East, Africa) and Japan. The company is emphasizing the integration of AI-driven innovations, such as the Banking Advisor, to enhance its product offerings. These AI initiatives have already demonstrated benefits like faster document processing in commercial banking and fewer inquiries in mortgage documentation, positioning nCino for durable long-term growth.
nCino's 2025 strategy is about leveraging intelligent automation and AI to transform lending processes and improve borrower engagement through features like the Mortgage Advisor. The company aims to create faster, more transparent, and optimized experiences for financial institutions and their customers globally. While analysts remain cautiously optimistic due to the ongoing integration of new AI tools in the U.S. commercial sector, the focus on international markets and AI innovation signals the core of nCino's growth approach under Desmond.
Desmond's extensive knowledge of all key facets of nCino's business, coupled with his previous roles at Platinum Technologies, Informatica, and software development company Informatica, make him the right leader to guide nCino forward, according to Pam Kilday, nCino's lead independent director.
In addition to his new role, Desmond will receive a base salary of $500,000, an annual bonus target equal to 100% of his base salary, and enhanced severance benefits of 24-month equity vesting upon termination without cause. He will also join the company's board.
nCino's growth strategy appears to be paying off. The company reported total revenue of $138.8 million for the third quarter of fiscal 2025, up 14% year-over-year. Naudé, the new executive chairman, will receive a base salary of $260,000, an annual bonus target of $260,000, and a target equity incentive of $4 million for 2026.
Desmond's appointment comes at a time when nCino has recently inked a deal with FullCircl, a U.K.-based software-as-a-service platform. The company currently has approximately 1,800 customers worldwide.
nCino's loss improved to $5.3 million in the third quarter of fiscal 2025, from $16.4 million in the third quarter of fiscal 2024, indicating a positive trend in the company's financial performance. Naudé can retain full vesting of equity awards if asked to resign from the board. Desmond also has an equity incentive opportunity with a target grant date fair value of $8.2 million for 2026.
In conclusion, nCino's appointment of Sean Desmond as its new President and CEO marks a significant step in the company's growth strategy. The focus on global expansion, AI innovations, and improved lending processes positions nCino for a promising future in the cloud-based banking solutions industry.
The appointment of Sean Desmond as the new President and CEO of nCino signals the company's commitment to expanding its global presence, particularly in regions like EMEA and Japan, and integrating AI-driven innovations to enhance their product offerings, making them a key player in the fintech sector. Under Desmond's leadership, nCino aims to create faster, more transparent, and optimized experiences for financial institutions and their customers through intelligent automation and AI-driven technology.
Sean Desmond's extensive experience in the business, finance, and technology sectors, along with his previous roles at companies such as Platinum Technologies, Informatica, and software development company Informatica, make him the perfect candidate to guide nCino towards success in the competitive cloud-based banking solutions industry.
