Elavon, a wholly owned subsidiary of U.S. Bancorp and a leading global payments provider, has promoted Mike Passilla to the position of president and chief executive officer, effective August 16, 2010. Passilla will be responsible for continuing to extend Elavon's global reach through its strong partnership model, and remain committed to solid organic growth in existing markets. Passilla replaces Stuart C. Harvey, Jr., who will be leaving the organization.
"Mike epitomizes the entrepreneurial spirit and drive that has propelled Elavon to its position of being a trusted global leader in the payment processing industry," said Pamela Joseph, vice chairman, U.S. Bancorp. "I am confident that he will do a great job building upon Elavon's current momentum."
"Elavon is the recipient of the financial industry's current flight to quality," said Passilla. "The market for payments is constantly evolving, and Elavon has the strategic relationships, technology infrastructure, and financial resources necessary to remain the best global commerce company in the industry."
Passilla was most recently executive vice president at Elavon, responsible for leading global business development. He has more than 20 years of sales, marketing and operational experience in building successful organizations and optimizing go-to-market strategies. Prior to Elavon, he served as president of North America for Inforte Corporation, a strategic managed services company. He is a graduate of the University of Notre Dame and earned an MBA from The J.L. Kellogg Graduate School of Management at Northwestern University.