The banker who has been leading MasterCard Canada's board has been hired to be president of Visa Canada.
Derek A. Fry, 51, will succeed Roger F. Woodward, who is retiring.
Mr. Fry is a senior vice president of the Bank of Montreal, MasterCard's major issuer in Canada. At the bank, he has been responsible for customer service, branch technology, smart cards, and on-line banking.
Financial institutions are not permitted to issue both MasterCard and Visa cards in Canada. The country is one of Visa's six operating regions and among the world's most sophisticated and competitive consumer card markets, said Paul Vessey, chairman of the board of Visa Canada.
A 19-year veteran of the Bank of Montreal, Mr. Fry was also chairman from 1988 to 1994 of the board of Interac, Canada's debit network.
Mr. Fry had worked 15 years at National Westminster Bank in Britain before going to the Bank of Montreal.