Visa boss leaves before reshuffle

About 21,000 firms issue Visa's cards and products

Visa International's chief executive has left the credit card firm ahead of its planned stock-market listing.

Christopher Rodrigues, 57, joined the firm from Bradford and Bingley in June 2004, and will return to the UK to pursue other interests, Visa said.

A month ago, Mr Rodrigues was told that he would not be boss of Visa following its stock market floatation.

Visa said the float and restructuring would help fund expansion, boost efficiency and cover legal costs.

Plan details

Visa said role of chief executive would not be filled ahead of the restructuring.

Visa International's chief administrative officer, Ken Sommer, will take over Mr Rodrigues' responsibilities, a spokesman said.

He added that Mr Rodrigues had plans to work in the travel and tourism industries.

Visa employs 6,000 people around the world and is funded by the 21,000 firms that issue its cards and products.

Under a restructuring plan, Visa's operations outside Europe would merge and form a new company that plans to list its shares within the next 12 to 18 months.

Visa Europe would remain as a membership association, owned and run by its 4,500 European member banks, and would become a licensee of the new Visa company.