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Visa Taps Nordstrom Executive To Lead Cards Business

By Andrew R. Johnson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Visa Inc. (V) has hired former Nordstrom Inc. (JWN) executive Kevin Knight to head the payment processor's credit- and debit-products business in North America. The San Francisco-based company said Wednesday that Knight will oversee "development and growth of Visa's consumer credit, debit and small business product suite." Knight previously was president of Nordstrom's credit division and chairman of the retailer's bank subsidiary, overseeing its customer loyalty program and payment processing in its stores. He also worked for General Electric Co. (GE), the largest issuers of private-label credit cards in the U.S., for more than 20 years. Visa, the largest card processor, and competitor MasterCard Inc. (MA) aren't lenders but process transactions for banks that issue their cards and those that work with merchants. Knight's appointment comes as Visa is trying to protect its business from new regulations capping how much large banks can charge merchants to accept debit cards by restructuring fees it charges clients. Visa is also pushing into new areas, including mobile and "person-to-person" payments, in an effort to drive more transaction volume over its processing network. Knight's experience working for a retailer and financial institution made him an "ideal choice to fill this role," William Sheedy, group president of Visa's Americas region, said in a statement. Visa's shares were down 0.2% at $119.63. -By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com

Stock News for Gen Electric (GE)
DateTimeHeadline
04/24/201418:37:34GE Is in Talks to Buy Alstom's Energy Business - 2nd Update
04/24/201416:45:54GE Is in Talks to Buy Alstom's Energy Business - Update
04/24/201412:37:47EUROPE MARKETS: European Stocks End Choppy Day In Black
04/24/201410:39:52EUROPE MARKETS: European Stocks Pare Gains On Ukraine Tensions
04/24/201410:37:31Alstom in Talks With GE For Sale of Energy Business-Report
04/24/201407:20:41Alstom Shares Soar on GE Takeover Speculation--Update
04/24/201406:18:32EUROPE MARKETS: European Stocks Strong After Ifo, Draghi Comments
04/24/201404:31:14EUROPE MARKETS: European Stocks Strong After Ifo, U.S. Earnings
04/23/201417:50:46GE In Talks to Buy Alstom for About $13 Billion -Bloomberg
04/23/201414:30:24GE Names Ex-Chairman of Vanguard Brennan as Lead Board Director
04/21/201417:33:20U.S. Plans to Sell Mexico 18 Black Hawks to Tackle Drug Trade
04/17/201417:12:38MARKET SNAPSHOT: S&P 500's Weekly Gain Is Best Since July 2013
04/17/201417:04:26Pentagon Official Criticizes Pratt & Whitney Over F-35 Costs
04/17/201413:58:36MARKET SNAPSHOT: U.S. Stocks Set For Weekly Gains
04/17/201410:16:19MARKET SNAPSHOT: U.S. Stocks Lower Amid Mixed Earnings
04/17/201409:54:14GE Posts Declines in Profit, Revenue--2nd Update
04/17/201407:20:23GE Posts Declines in Profit, Revenue
04/15/201408:52:57U.S. Stock Futures Rise
04/15/201406:50:58Alstom to Cut Up to 200 Jobs
04/14/201416:03:15Italy's New Premier Renzi Names State-Controlled Company Heads

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