Redecard CEO to Exit

Roberto Medeiros, CEO of Redecard, plans to leave the Brazilian payment processor April 15, the company says. He will be replaced by Claudio Yamaguti, until now a director at Itau-Unibanco, most recently responsible for the bank’s LatAm-wide credit card operations and in Paraguay. Medeiros joined Redecard in 2008. His departure is a strategic decision, an investor relations official says, coming at the end of a cycle in which Redecard grew and gained market share. With the end of exclusivity contracts among Brazilian credit card payments last year, a new phase will be more focused on competition with rival Cielo and other credit card payment processors entering the market.