Visa to Start Global Media Agency Review
Payment giant Visa has begun a global media agency review for the first time in over seven years, according to people familiar with the matter.
Omnicom's OMD retained its U.S. account and added more international business during the last review. That review, which was also a global consolidation, came on the heels of a massive reorganization in fall 2007. That November, Visa tapped Antonio Lucio as its first global CMO.
Mr. Lucio, who now oversees marketing, advertising and communications as chief brand officer, recently announced that he'd be leaving the company to join Hewlett-Packard Co.'s printer business. His departure follows soon after the exit of Visa's CMO of core products, Kevin Burke, who was hired by rising payments system Square in December.
"Visa partners with some of the greatest agencies in the world to achieve our brand and marketing goals. As is the practice throughout our industry, we undertake regular agency reviews and periodically decide to open parts of our portfolio to other firms to present their capabilities," said a Visa spokesman. "We have decided to conduct an RFP for a global media agency partner and welcome the participation of our current agency and others in this process. We are planning for many exciting campaigns at Visa and look forward to developing and launching those efforts with an outstanding roster of agency partners."
OMD did not immediately respond to a request for comment.
Visa spent $113 million on measured media in the U.S. in 2014, according to the Ad Age DataCenter.