The insular world of finance—not dissimilar from retail—tends to have execs working together and then leaving and reuniting at a slightly different company. And so it is with Visa (NYSE:V), as the world's largest card brand announced Thursday (May 23) that Ryan McInerney—former the CEO of JPMorgan Chase's consumer bank—will become the new president of Visa. McInerney will report to Visa CEO Charlie Scharf, who also comes from JPMorgan Chase, where he and McInerney worked together.
"I have worked closely with Ryan for many years and know him to have extensive payments knowledge, be a tremendous leader and a great executive capable of motivating and managing large groups of people. I am confident he will be a great fit and asset to the organization," Scharf said.
Officially, McInerney is replacing the prior president, John Partridge, who retired in March. But Scharf told The Wall Street Journal that the position will actually be very different by being far more extensive. "The idea is to be able to have everything that touches the customer in one place," Scharf said.
As CEO of J.P. Morgan's consumer-banking unit, McInerney had extensive contact with Visa in his role at J.P. Morgan, where he ran the bank's debit-card and prepaid-card businesses, as well as its vast branch network. Visa also was his client when he worked at McKinsey & Co. before joining J.P. Morgan in 2005, The Journal reported.
Visa also announced several other executive shuffles. Elizabeth Buse, who had been in charge of Visa activity in Asia Pacific, Central Europe, Middle East and the Africa region, will now be in charge of the newly created Global Solutions organization. What will that group do? Visa said that it will "manage the next generation of products and services in areas including mobile, information products and processing. She also will be responsible for CyberSource, Merchant Sales, and for building out the Merchant Solutions function."
Bill Sheedy, who had run Visa four geographies (North America, Central America, South America and the Caribbean), was appointed to "lead corporate strategy, mergers and acquisitions, government relations as well as several other strategic initiatives," a Visa statement said.
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