Visa’s Vice President Fired For Policy Violation

Visa Inc’s executive vice president in charge of strategic partnerships and innovation, Jim McCarthy, has been fired. The dismissal of McCarthy was announced by Ryan McInerney, the vice president that he reported to, in a memo that was sent to employees of the company. According to McInerney, the reason for the dismissal was violation of policy.

“… in response to information that recently came to our attention, we determined that Jim had violated Visa policy. We cannot ignore behavior — at any level — that runs counter to our leadership principles and culture,” said McIrerney in a memo.

Interim replacement

On an interim basis McCarthy will be replaced by Jack Forestell, which is merchant solutions and sales global head for Visa Inc. While at Visa the team that McCarthy head oversaw partnerships with tech firms such as Alphabet and Apple with regards to their respective payment platforms. Additionally he also oversaw deals with Strip, FitBit and Garmin.

The firing of McCarthy comes in the wake of Visa’s rival and the second-largest payment network in the world, Mastercard, announcing a share buyback program. The share repurchase program will see shares in the Class A category worth approximately $4 billion bought back. Buying back of the shares will commence after another repurchase program worth $4 billion comes to an end. Currently there is $1.5 billion of that amount that is yet to be spent.

Quarterly dividend

At the same time Mastercard announced that it would increase its quarterly dividend payout by 14% from $0.22 per share to $0.25 per share. Holders of Class B shares will receive the dividend on January 9, 2018 while holders of Class A shares will receive the dividend on February 9 next year.

And as Mastercard races towards transitioning to a future without credit and debit cards, the financial services company recently announced that it had hired 470 people at a technology hub it has set up in the city of New York. In a statement Mastercard revealed that the tech hub will be located in the Flatiron neighborhood of Manhattan at a facility with approximately 212,000 square feet of space.

“New York is an exceptional gateway for talent, innovation and collaboration. The activities in New York are a natural complement and expansion of our global effort to deliver the digital future today,” said Ed McLaughlin, Mastercard’s president of technology and operations.

The New York hub will add to four other tech hubs that Mastercard operates in India, Sydney, Dublin and St. Louis.

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