Visa has reportedly terminated Jim McCarthy, executive vice president in charge of innovation and strategic partnerships.

Bloomberg News

McCarthy has been fired for behavior that “violated” company policy, according to ReCode, which reviewed an internal memo Visa circulated on Friday.

The article quoted the memo, penned by Visa president Ryan McInerney, as saying: “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.”

The memo did not get into the specifics of why McCarthy was terminated. Visa did not respond to a media request Saturday morning, though the company has removed McCarthy's bio from its management team website. (Update: Visa confirmed to PaymentsSource on Saturday that McCarthy left the company Friday, but would not provide further comment.)

According to a cached version of that web page, McCarthy joined Visa in 1999 and has held management roles, including: head of North America financial institution sales, head of global consumer products, head of emerging products for Visa USA and, most recently, global head of product. In his role as executive vice president, McCarthy was responsible for the development of Visa's product and technology road map and Visa's global innovation efforts, the bio said.

Nick Holland

Nick Holland

Nick Holland is a senior analyst at PaymentsSource. He has previously held analyst roles at Javelin Strategy & Research, Yankee Group and Aite Group.