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Visa announces that its CEO in Brazil, Fernando Teles, is stepping down

The announcement comes at a time of great excitement in the payment industry in Brazil

Visa's logo
Visa's logo. Photo: REUTERS/Alessandro Bianchi/File Photo
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Payments giant Visa announced this Thursday the departure of its main executive in Brazil, Fernando Teles, who had been in charge of the country’s operations for about five years.

“As of June 10, Fernando Teles will no longer work at Visa,” the company said in a statement, adding that regional and global leaders “have already begun the search for a new professional for this important role.”

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The announcement comes at a time of great excitement in the payment industry in Brazil. Last month, card acquirer Cielo announced that its CEO, Paulo Caffarelli, was resigning from his position.

Last month, Marcos Magalhães left Itaú Unibanco, where he was in charge of the acquirer Rede, to take over as president of BS2, ex-Banco Bonsucesso.

(Translated by LABS)

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