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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

Stocks in this article: V

Mr. Scharf said, “The payments industry is an exciting place to be with both the continued migration across the globe to electronic payments and the development of ground-breaking new technologies, and Visa plays an important role in enabling both. Visa is uniquely positioned in this industry to continue its robust growth by providing innovative solutions to its financial institution clients, merchants and their customers everywhere. The management team Joe has led has made Visa into the industry leader and I am excited to build on that momentum in an evolving and dynamic market.”

Mr. Scharf added, “As both a client and a director, I have had many opportunities to work closely with Visa’s management team, and I truly believe that Visa is one of the world’s great companies. Great organizations are driven by talented people who are focused on execution excellence. To be a true industry leader also requires constantly innovating, taking risks, and building products and services for the future. I am honored to be able to continue to lead the Visa team towards this end.”

“Joe Saunders’ accomplishments, in building the outstanding company that Visa is today, set a challenging record for any new CEO to exceed. The CEO role at Visa is one of the greatest leadership positions in any industry. I am grateful for the opportunity, and I look forward to a very smooth transition and productive collaboration with the rest of the Visa leadership team,” Mr. Scharf concluded.

About Visa

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks-VisaNet-that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com.

About Charles W. Scharf

Prior to joining Visa Inc., Mr. Scharf spent nine years at JPMorgan Chase as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase’s six lines of business, and a major issuer of Visa branded cards. He was a member of the firm’s Operating Committee and its Executive Committee. Mr. Scharf is currently Managing Director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase.

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