Dive Brief

• Visa has named Andrew Torre as president of value-added services, according to a Tuesday press release. Torre will replace Antony Cahill, who the company last month named regional president and CEO of Visa’s European operations.
• In his new position, effective immediately, Torre will be tasked with designing, developing and implementing the company’s range of value-added services and products. He will report to Visa CEO Ryan McInerney and become part of the company’s international leadership team, the release said. 
• The San Francisco-based card network has begun an internal search for Torre’s replacement and aims to appoint a successor soon, according to the announcement. 

Dive Insight

Visa’s leadership shuffle comes as the card behemoth positions itself for global growth. While giving an investor presentation in February, McInerney touted potential growth opportunities for its commercial card and value-added services. 

The value-added services business logged annualized revenue growth of 20% in the years since 2021, ballooning into a $9 billion global business, according to the release announcing Torre’s appointment. Those services include card acceptance, issuance and fraud prevention software tools as well as advisory services, among other offerings.

Value-added services contributed roughly 52% of Visa’s overall revenue growth in fiscal year 2024, according to a Tuesday report from Bank of America Securities analysts. Through its acquisitions over the past few years — including purchases of core banking and software company Pismo and cybersecurity firm Featurespace — Visa has expanded those services, the analysts pointed out.

Since he arrived at Visa in 2002, Torre has held various global roles in product, strategy and pricing, according to the press release. Most recently, he was the company’s regional president for Central Eastern Europe, the Middle East and Africa, and worked previously in sub-Saharan Africa and Russia as well, according to his LinkedIn profile. He will now be based in San Francisco.

Cahill moved into his new post to replace Charlotte Hogg, who left “to pursue a new external opportunity,” the company said in a May 27 press release. The plan was for Cahill to transition to his new role based in London this month. Prior to joining Visa’s value-added services group in January 2023, he was a banking executive for National Australia Bank and ANZ for about 20 years.

As Visa plots its global expansion plans, the card network is facing a significant obstacle: tariffs proposed by President Donald Trump. The company has recently seen a slowdown in air travel and lodging spending, Visa executives said during their quarterly earnings call with analysts last month. Despite the economic uncertainty stemming from the looming trade war, Visa executives asserted consumer spending remains stable. 

“Consumer spending has been resilient and strong, but there’s much uncertainty,” McInerney said during that April 29 earnings webcast.