Summary
This 8-K filing by Capital One Financial Corporation (COF) announces a significant leadership change within its Card division, effective November 28, 2016. Ryan M. Schneider, President of Card, is departing to lead another public company. This transition involves the promotion of two key executives, Michael J. Wassmer to President, U.S. Card, and Christopher T. Newkirk to President, International and Small Business Card. Both will report directly to CEO Richard Fairbank. These promotions reflect an internal restructuring of the Card segment leadership. Wassmer, with extensive experience in U.S. Card operations and product launches, will now oversee the entire U.S. consumer credit card business. Newkirk, previously heading the International Card division, will expand his responsibilities to include Canada, the UK, and U.S. small business card operations. The company noted that Wassmer and Newkirk will maintain their current compensation levels for the time being, with adjustments to be considered in early 2017. Schneider will serve as a senior advisor during the transition period.
Key Highlights
- 1Ryan M. Schneider, President of Card, is departing Capital One to become CEO of another public company.
- 2Effective November 28, 2016, Michael J. Wassmer is promoted to President, U.S. Card.
- 3Effective November 28, 2016, Christopher T. Newkirk is promoted to President, International and Small Business Card.
- 4Both Wassmer and Newkirk will report directly to CEO Richard Fairbank.
- 5Wassmer's responsibilities will encompass the entire U.S. consumer credit card business.
- 6Newkirk will oversee the consumer credit card business in Canada and the UK, as well as U.S. small business card operations.
- 7Current compensation for Wassmer and Newkirk will be maintained, with compensation review planned for early 2017.