Elavon, a wholly owned subsidiary of US Bancorp and a payments provider, has promoted Mike Passilla as its new president and CEO, effective August 16, 2010. He replaces Stuart Harvey, who will be leaving the organization.

Mr Passilla was most recently executive vice president at Elavon, responsible for leading global business development. He has more than 20 years of sales, marketing and operational experience. Prior to Elavon, he served as president of North America for Inforte, a strategic managed services company.

Pamela Joseph, vice chairman of US Bancorp, said: “Mike epitomizes the entrepreneurial spirit and drive that has propelled Elavon to its position of being a trusted global leader in the payment processing industry.”

Mr Passilla said: “The market for payments is constantly evolving, and Elavon has the strategic relationships, technology infrastructure, and financial resources necessary to remain the best global commerce company in the industry.”