SAN FRANCISCO--(BUSINESS WIRE)--Apr. 19, 2019--
Visa Inc. (NYSE: V) today announced that its Board of Directors has
unanimously elected Alfred F. Kelly, Jr. as Chair of the Board,
effective as of April 16, 2019. Mr. Kelly will continue to serve as
Visa’s Chief Executive Officer, a role he has held since December 2016.
Mr. Kelly will succeed Robert (Bob) Matschullat as Chair of the Board.
Mr. Matschullat will continue to serve on the Board and as Chair of the
Board’s Finance Committee.
The company also announced that the Board unanimously elected John F.
Lundgren, a member of the Board since April 2017, as Lead Independent
Director, also beginning April 16, 2019.
In evaluating the Board’s leadership structure, the Board considered the
relevant merits of combining the roles of Chair of the Board and Chief
Executive Officer and appointing a strong Lead Independent Director,
versus keeping the roles of Chair and CEO separate. The Board concluded
that Al Kelly was the person best suited to serve as Chair of the Board
at this time, providing consistent leadership and a unified voice for
the company. In addition, the Board reaffirmed its commitment to
independent board leadership by appointing John Lundgren to a robust
Lead Independent Director role. Mr. Lundgren is an experienced leader,
having led Stanley Black & Decker and The Stanley Works as CEO for 12
years and Chairman for 9 years.
“On behalf of the Board, we are pleased to appoint Al as Visa’s Chair,
in addition to his continuing role as Chief Executive Officer,” said Bob
Matschullat, previous Chair of the Visa Board of Directors. “Al has made
a significant impact on the company during the past few years as Visa’s
CEO. The Board believes Al’s strategic vision, proven leadership
capabilities and deep payments expertise make him the right person to
lead Visa both as CEO and as Chair of the Board into the future. The
Board is also pleased that John Lundgren, with his decades of leadership
experience and fresh perspective in the Board room, has stepped into the
role of Lead Independent Director.”
“I am honored by the confidence the Board has placed in me and am
excited about leading this great company as Chair and CEO for years to
come,” said Al Kelly, Visa Inc. CEO. “I look forward to working with the
Board, the management team and our dedicated employees around the world,
as we continue on our journey to expand the reach of Visa’s network and
ensure we remain the best way to pay and be paid for everyone,
everywhere. I want to thank Bob for his years of service as Chair of the
Board, successfully overseeing Visa’s evolution in a rapidly evolving
industry, and I am pleased he will be leading the Board’s newly-created
Finance Committee and the important work they are undertaking. I look
forward to working closely with John Lundgren, as our new Lead
Independent Director. I know I will benefit from John’s global
experience and wisdom.”
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit usa.visa.com/about-visa.html,
https://usa.visa.com/visa-everywhere/blog.html
and @VisaNews.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190419005150/en/
Source: Visa Inc.
Investor Relations: Mike Milotich, 650-432-7644,
InvestorRelations@visa.com
Media Relations: Will Stickney, 415 805-4892,
Press@visa.com