Providian Financial Corporation announced that Jim Rowe, previously executive vice president and head of the company’s domestic e-commerce operations, has been promoted to president of Global E-Commerce.
“I have tasked Jim with building the online component of what I believe will be the financial services company of the future,” said Shailesh Mehta, chairman and CEO of Providian. “As the Internet continues to create an evolving business world, I want to ensure that Providian Financial has staked out a position as a leader in the financial services marketplace on a global basis.”
Rowe’s responsibilities will include developing new online financial businesses, driving existing Internet initiatives and building Providian’s global online presence. He will also absorb some of the initiatives of the Emerging Business group that were related to online financial services.
The Company also announced today that Seth Barad has resigned his position as president of the Company’s Emerging Businesses division to pursue a new opportunity focused on providing management consulting to philanthropic organizations.
“Our entire management team will miss Seth. He has been a substantial contributor to the Company. We wish him well in his new endeavor,” added Mehta. Barad’s resignation will take effect later this month.
“This was a difficult decision for me, especially when Providian is poised to take advantage of so many growth opportunities, ” said Barad.
Reflective of these changes, the Company further announced plans to organize its core businesses into four main divisions. First, the Integrated Card Business (ICB), which handles Providian’s 14 million credit card accounts, will continue to be led by its president, David Alvarez. Alvarez will also take on the added responsibility of managing the Company’s membership products group.
Second, the Global E-Commerce division which, as previously mentioned, is led by Rowe, consists of Aria.com, Getsmart.com, the Company’s Internet-based deposit business and other online initiatives.
Third, First Select Corporation, a wholly-owned debt services company, will be led by its president, Kirk Inglis.
And fourth, a newly-created International division, which includes the Company’s operations in the United Kingdom (led by Executive Vice President James Elliott) and Argentina (led by Executive Vice President Wayne Johnson), as well as any future international expansion. Providian Financial Chairman Mehta will personally lead this new division on an interim basis.
San Francisco-based Providian Financial Corporation ([http://www.providian.com]) is a leading provider of lending and deposit products to customers nationwide and also offers credit cards in the United Kingdom and Argentina. Providian serves a broad, diversified market with loan products that include credit cards, secured cards and membership products. With a commitment to 100% customer satisfaction, Providian’s mission is to help its customers protect and responsibly use credit by providing a quality borrowing experience that leads to active and lasting customer relationships. The sixth largest bankcard issuer in the nation, Providian Financial was recently named one of America’s Most Admired Companies by a survey in Fortune magazine, and the nation’s top financial institution by US Banker magazine. The Company has $27 billion in assets under management and 14 million customers.