The shifting landscape inside Visa’s marketing division has led to the dismissal of Ricardo Fort, a high-profile sports sponsorship executive known as a champion of his brand’s global properties.
Fort, formerly senior vice president of global brand, product and sponsorship marketing, left in February when a reorganization eliminated his position. His duties have been taken on by senior director of global sponsorship Kate Johnson, who is also Visa’s liaison to the International Olympic Committee and a member of the silver-medal-winning 2004 U.S. women’s rowing eights team. Prior to joining Visa in 2013, Johnson worked in IMG’s Olympic consulting division for seven years.
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Ricardo Fort joined Visa in 2012 after a stint at Groupe Danone.
Photo by: GETTY IMAGES
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Brazilian by birth, Fort joined Visa in March 2012 and played a leading role in activating the payment processor’s global sponsorship of the Brazil-hosted 2014 FIFA World Cup and this year’s Rio Olympics. Before that, he worked for Groupe Danone, as well as in several roles at the Coca-Cola Co.
Visa confirmed Fort is no longer employed but otherwise declined to comment.
Fort said he was caught up in a re-evaluation of the senior vice president position across several departments and doesn’t take it personally. He also parried a question about the timing of his dismissal, only five months before the Olympics in his home country.
“It’s hard for me to comment,” he said. “It was clearly not my choice. It’s hard for me to agree with some of the decisions like that, but there is a bigger purpose for what they’re doing, and other people left the organization at the same time. Coincidentally it’s an Olympics year, but honestly there is always something next.”
Visa is perhaps the best-known Olympics sponsor, famously using the Games as a platform to rapidly expand its global market share in the 1980s and ’90s. Its current worldwide deal with the IOC expires in 2020.
However, Visa’s approach to global sports marketing has changed compared with when it last renewed with the IOC in 2009, and its sports strategy has been in flux for several years. Last year, Visa spent $23.4 billion to acquire Visa Europe. The company’s chief marketing officer position was vacant from April to January, when Visa appointed Lynne Biggar to replace departed Antonio Lucio.
In 2013, the company cut back on spending with domestic American sports governing bodies. In December 2014, Fort led a decision to award Visa’s marketing business to IMG Consulting exclusively after previously relying on multiple agencies, including GMR, IMG and Team Epic.
This year, Visa has signed a team of about 40 Olympic athletes, down from 60 in London.
Under the new structure, Johnson becomes vice president of global sports and marketing, and reports to Chris Curtin, chief brand and innovation marketing officer. Fort reported to Curtin on an interim basis while the CMO position was vacant, but his position officially reported to the CMO.
Fort currently is unemployed, though he continues to comment on sports business regularly from his personal website, Sport by Fort. He said he wants to return to sports business, and he plans to attend the Rio Games whether or not he’s working by then.
“I do not have any plans other than enjoying the Games as a fan,” he said. “But there’s a long way till August, so it will depend on when [and] where my next job will happen.”
