Visa (NYSE: V) is changing presidents and reorganizing the management team.
The biggest credit card network in the world is consolidating the oversight of its sales, client service, marketing, product development, and "innovation" (is that the group that thought it would be smart to securitize high-risk subprime consumer debt?) functions. John "Hans" Morris will step down as president but stay with the company through the end of the year in another role (wow, lots of euphemism in there).
Visa is expected to deliver a Q2 profit of 65 cents a share on revenue of $1.64 billion, and the company has said that it will at least hit this mark and possibly exceed it. So, completely reshuffling the management team isn't expected to drag the company's financial performance.
If you're wondering why the move is necessary, take a look at the stats reported: profits. Right now, real growth will have to include some look at revenues, as cutting to profitability has become incredibly popular.
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Reader Comments (Page 1 of 1)
8-01-2009 @ 4:01PM
Paul B. said...
I worked for Visa Intl. and Visa USA for 16 years.
Visa does not involve itself with credit card recievables. Therefore doesn't have a department that deals with securitization of credit card debt. Never has, never will.
Banks that issue credit cards and therefore carry the receivables DO in many cases securitize the debt.