July 27, 2009
Visa is reorganizing its management team by consolidating several operations under its chief operating officer, John Partridge.
Another executive, John C. Morris, will step down as president. Visa said Monday that Morris will remain with the world's largest electronic payment network until the end of the year, working in a different capacity under Chairman and CEO Joseph W. Saunders.
In the new structure, Partridge will oversee Visa's global sales, client service, marketing, product development and innovation functions. The changes take effect immediately.
Visa says the moves will "heighten organizational effectiveness and increase the pace of Visa's global alignment."
Visa announced the changes after its shares rose 90 cents, or 1.3 percent, to close at $68.19 in the regular session. In after-hours trading, the stock gained 26 cents to $68.45.