The prepaid card marketer Stored Value Cards Inc. said Tuesday that it has hired Keven Lake as the president and chief executive of its Futura Card Services subsidiary, succeeding Vicente Mota.
The Carlsbad, Calif., company said that Mr. Lake is expected to raise its retail profile and expand its product line.
Futura Card distributes general-purpose prepaid debit cards, gift cards, and payroll cards, which route transactions across the MasterCard Inc. network.
Mr. Lake has worked at International Business Machines Corp., where he managed relationships with companies such as General Motors Corp. and Coca-Cola Co., and at AT&T Inc.'s USinternetworking Inc. unit, where he oversaw the subsidiary's e-commerce operations.
Carlos Kang, a board member of Stored Value Cards, said he expects Mr. Lake to "shorten the product development cycle, accelerate time to market, and improve operational efficiencies."