Financial services giant Visa is conducting a global media agency review, the company has confirmed. The company spends an estimated $200 million annually on ads, more than half of it in the U.S.
The incumbent is OMD, which won the last Visa global media review back in 2008. The Omnicom shop is expected to defend, but declined to comment, referring queries to Visa.
The review comes amid changes in the marketing ranks at the client. Chief Brand Officer Antonio Lucio is leaving for a CMO position at HP Inc. And CMO for core products Kevin Burke left in December and has not been replaced.
Sources said that Visa has not yet hired a search consultant.
Visa issued a statement confirming the review: “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. 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.”