Morris Out As Visa President In Restructuring

July 28, 2009 (FinancialWire) — John C. Morris will step down as president of Visa Inc. (NYSE: V) as part of a reorganization of the company’s management.

company CEO Joseph W. Saunders said that he is reorganizing the company’s executive management team’s responsibilities in light of changes that have taken place since October 2007, when Visa merged five independent Visa operating regions, Visa International and its global payment processing subsidiary, Inovant, into one company called Visa Inc. and took the company public.

According to Saunders’ new structure, the company’s global sales, client service, marketing, product development and innovation functions will be consolidated under the leadership of John M. Partridge, Visa’s chief operating officer.

Morris will remain with the company until the end of the year in a different capacity working with Saunders and helping to ensure a transition to the new structure. Morris joined the newly formed Visa Inc. in 2007 and played a role in the company’s IPO in 2008.

San Francisco-based Visa operates a retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and Plus brands.

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