Mr. Kenneth Sommer
President and Chief Executive Officer, Port Fortune Investments
Member of the Business Services Council
Council Member Biography
Ken Sommer is President and CEO of Port Fortune Investments, a financial consulting firm he started in 2008. Mr. Sommer provides management consulting services to the payments industry, focusing on the evolution of the payments industry, with particular focus on Visa/Mastercard. With 28 years of experience at Visa and Citigroup, he also has a unique perspective on the financial services industry. His clients are: money managers, private equity and venture capital firms. In early 2010, Mr. Sommer also consulted for First Data Corporation, assisting the Chairman/CEO as they restructured their International business. He was the President, CEO, and a Board Member of Visa International, departing in December 2007 after leading a global restructuring in which all Visa entities were merged to prepare the firm for its IPO. He joined Visa International in 2000 as Chief Financial Officer from Citigroup, where he had worked since 1982 in a variety of senior finance roles around the world. Mr. Sommer is also currently a Partner in the B2B CFO Partners network. (This is me - Update Profile)
Employment History
- 2008 - Unspecified
- President and Chief Executive Officer, Port Fortune Investments
- 2006 - 2007
- President, CEO & Board Member, VISA INTERNATIONAL SERVICE ASSOCIATION
- 2000 - 2006
- EVP & CFO, VISA INTERNATIONAL SERVICE ASSOCIATION
- 1982 - 2000
- Chief Financial Officer, Regional, N A CITIBANK
GLG NewsSM Analyses by Kenneth Sommer
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Federal Reserve and Debit Interchange
December 20, 2010
Last week, The Federal Reserve issued their initial rules regarding the Durbin amendment, which was passed by the US Congress as part of the Dodd-Frank bill in July, 2010. There will be an opportunity for public comment with final rules to be issues in late April 2011. The two areas of the Durbin amendment that were the focus of Fed meeting were how debit interchange rates will be set going forward and also how the network routing exclusivity provision of the bill will be implemented.
GLG Study Groups with Kenneth Sommer(?)
| Study Group Name | No. Members |
|---|---|
| Online Payment Experts | 785 |
| Stored Value Credit Product Experts | 425 |
| Current or Former Chief Financial Officers in the Banking Industry | 117 |
| Credit Card Experts [Brazil] | 115 |
| Banking Experts (Massachusetts) | 35 |
GLG Live Meetings with Kenneth Sommer(?)
GLG Webcasts & Teleconferences
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