JPMorgan Chase & Co. (JPM) announced that it has appointed Mike Passilla as chief executive officer of Merchant Services. This newly created role will oversee Chase's payments and merchant services business including Chase Paymentech, Chase's merchant offers business, as well as Chase's recently-announced merchant payments initiative.
Passilla has been a leader in the field of payments and technology for 23 years. He joins Chase from Elavon, payments processing firm, where he most recently served as president and CEO. Prior to Elavon, he held key leadership roles at Inforte Corp., the CSC Index and IBM.
In addition, Dan Charron was named president of Chase Paymentech, the global payment processing and merchant acquiring business of JPMorgan Chase, and will report to Passilla. Since March, Charron has been the acting head of Chase Paymentech and prior to that served as the head of Client Services.
Earlier this year, JPMorgan Chase announced the creation of Chase Merchant Services, a new payments proposition that will allow Chase to bring advantageous solutions for merchants and differentiated experiences to cardholders. Ray Fischer, president of Chase Merchant Services, also will report to Passilla.
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