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Joseph W. Saunders, Chairman and CEO of Visa (V), announced late Monday that President John C. (Hans) Morris will step down as part of the company’s new reorganization process.

According to a statement posted on the company’s Web site, Mr. Morris, who led Visa Inc.’s five geographic operating regions since joining in July 2007, including all sales and marketing functions, will remain with the retail electronic payments network until the end of the year in a different capacity working with Mr. Saunders and helping to ensure a smooth transition to the new structure.

Under the Visa’s new structuring process — which aims to align several critical business units more closely — global sales, client service, marketing, product development and innovation functions will be consolidated, effective immediately, under the leadership of John M. Partridge, Chief Operating Officer. Visa believes that by aligning these operations more closely together will achieve greater integration and better operating efficiency.

Mr. Morris, who played a central role in the company’s successful IPO in 2008, was the overseer of Visa Inc.’s relationships with card issuers, merchants, merchant acquirers and third-party processors. In addition, he was also accountable for managing the Visa brand, one of the most recognized consumer brands in the world.

“Hans played an important role as we created Visa Inc., executed the IPO and transitioned Visa to a high performing public company,” said Mr. Saunders. “We’ve benefitted from his energy, insight and counsel.” [PRNewswire]

From November 2002 until joining Visa, Morris served as chief financial officer of Citi Markets & Banking (CMB), the capital markets, banking and transaction services business of Citigroup (C).

Source: Visa's President Departs