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Visa Announces CEO Succession Plan, Charles W. Scharf To Become Chief Executive Officer; Joseph W. Saunders To Serve As Executive Chairman

Mr. Saunders continued, “I have known Charlie Scharf for almost a decade and I believe he is uniquely qualified to lead Visa in the future. He has a record of profitably growing businesses, and managing complex, large-scale global enterprises. He has demonstrated that he knows how to deliver value to customers and to shareholders. I am confident that under his leadership, Visa will continue to grow its core business globally and deliver innovation that meets customer needs. I look forward to working with him to make this transition seamless.”

“The board has been working with Joe Saunders to ensure that we found a leader to succeed him who could build on his success and also address the opportunities Visa will face in the future,” said John A. Swainson, lead independent director of the Visa Board. “On behalf of the entire Board, we thank Joe for his tireless work and leadership. The Visa that he will hand over to Charles Scharf is in every way stronger and well-positioned for long-term growth. Joe finalized the merger that created Visa Inc. and led the company through its successful public listing, which provided Visa with an opportunity to fulfill its potential – to invest in global growth.”

Mr. Swainson continued, “Charlie is an experienced, versatile leader. While at Chase, he built one of the premier retail banking operations in the U.S, and at Citi he served as CFO of a complex global business that operated in more than 110 countries providing securities, transaction processing and banking services to institutional clients. We believe that his proven ability to set strategy, lead large teams, and drive growth and innovation through technology make him the best person to accelerate the execution of Visa’s strategic plan. Charlie understands the payments business – and the priorities of our clients – through his deep, rich history in the payments space both as one of the senior executives responsible for the payments business at JPMorgan Chase, one of our largest clients, and as a former Visa director for almost eight years.”

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