President departure will help Visa increase effectiveness, says the company

The San Francisco-based company Visa Inc declared management changes on Monday that will "heighten organizational effectiveness and increase the pace of Visa's global alignment." The company said that John "Hans" Morris will step down as president, but remain with Visa in a different capacity until year end. In addition, Visa, the world`s largest credit card network, will also consolidate oversight of its sales, client service, marketing, product development and "innovation" functions under Chief Operating Officer John Partridge.

Nevertheless, the company did not give a reason for Morris' departure. Visa spokesman Paul Cohen declined to elaborate, citing a quiet period ahead of the company's expected reporting of fiscal third-quarter results on Wednesday.

Reuters Estimates said that analysts on average expect quarterly profit of 65 cents per share on revenue of $1.64 billion. Visa's main rival is MasterCard Inc, which is scheduled to report quarterly results on Thursday.

Visa shares went up 25 cents to $68.44 in after-hours trading. They had risen 90 cents to $68.19 in regular trading on the New York Stock Exchange.