Visa terminated Jim McCarthy, the EVP of innovation and strategic partnerships, on Friday (Dec. 1). According to the company, the cause for termination was reported to be behavior that violated company policy. McCarthy will be replaced on an interim basis by Jack Forestell, Visa’s global head of merchant sales and solutions.
The story appeared in The Wall Street Journal on Friday evening, citing a company-wide memo sent from McCarthy’s boss and Visa president, Ryan McInerney. Sources said the memo disclosed that McCarthy was fired after information about his behavior was brought to the company’s attention.
According to a Recode news report, the memo included the following statement: “Jim is an 18-year veteran of Visa and has contributed much to our company over the years. However, in response to information that recently came to our attention, we determined that Jim had violated Visa policy. We cannot ignore behavior — at any level — that runs counter to our leadership principles and culture.”
Details regarding the violation were not provided. A Visa spokeswoman declined to comment.