And this is a positive event? From Fleet?AHHHHH..... Providian Financial (PVN: news, chart, profile) named Joseph Saunders president and chief executive officer. Saunders replaces Shailesh Mehta, who announced plans to step down last month. Saunders, who was also named a director, served most recently as chairman and CEO of Fleet Credit Card LLC VJ
More backround on the new CEO... About Mr. Saunders Since 1997, Joseph Saunders has been Chairman and Chief Executive Officer of Fleet Credit Card Services at FleetBoston Financial Corporation. Prior to that, Mr. Saunders spent 12 years at Household Finance based in Illinois where he held three executive positions rising to head of the Private Label Credit Card Business and Canadian Business. Prior to joining Household Credit Services in 1985, Saunders spent one year at Bank of America as vice president in credit card operations. Somewhere it is also mentioned: Mr. Saunders previously served as Chairman of the Board of Mastercard International. I think its only fair to wait and see...Time will tell. VJ
Sounds like it might be a turnaround for the company. Hopefully they will get their acts together! As for nextcard, to the hell with em! I can't wait to see the report when they go out of business!
Does anybody know if he showed up at this banquet on the 17th? --------------------- Corporate Leadership Shailesh Mehta, CEO, Providian Financial Corporation One of the most dynamic executives in the global financial industry, Shailesh Mehta has brilliantly leveraged his technical credentials, with an ear-to-the-ground management strategy that has enabled Providian to become one of the most significant financial companies in the US. --------------------- http://www.siliconindia.com/awards/
I wonder if they are going to VENTURE into the PRIME market... I tried to get the GETSMART CARD, but was DENIED in 30 seconds WITH A F.I.C.O. of 704. Wife too 741.
Tee hee. maybe they served him a PBJ sandwich and gave him the award upside down? He leveraged so brilliantly that the stockholders couldn't stand it. But, a lot of people made a lot of money while it lasted.
I was helping my father move the other day and was carrying a box with all of his credit card statements. He and his wife have prime credit. I was surprised to see a Providian statement. $30,000 limit at 7.9%. Makes me want to keep my Providian cards.
Dave- you'll never get it if you already have a PVN card and are classified as "subprime" They don't do upgrades into the super-prime product - you qualify or you don't, but it has to be via a solicitation. This is how they balanced their portfolio a few years back - adding the super-primes to the sub-primes evened out their average FICO scores. -mj
I have a friend who claims his Providian platinum Visa carries a 5.9% APR. Permanently. Of course, he didn't start with a subprime Providian card. They got a prime offer based on their good credit. He works at 7-11, but his wife has a very good job.
With his "technical credentials," Mehta should have known that leverage works both ways. It can make you a lot of money, or lose you even more money.
