Visa Takes on New Executive Chairman

Visa has announced that it will be bringing a new executive chairman on board: Joseph Saunders. Saunders is a veteran within the credit card industry, having previously worked as the president of card services with Washington Mutual Inc.

According to Visa, Saunders will be in charge of “leading Visa’s transition to a global public company.” As a part of his responsibilities, he will be recruiting a permanent chief executive for Visa Inc, which will be officially formed when five of the global regions merge together to form one company. After the merger is complete, Visa Europe will be the only region not falling under the umbrella of Visa Inc. It will remain a bank-owned entity, but will be a licensee of Visa Inc.

Saunders will be the first person “designated appointee” of Visa Inc. and will take on his official title after the merger is complete. He will then lead the board of directors and will report to the governance committee. As a result of his new role, Saunders will be relinquishing the other positions he currently holds on other Visa boards.

The company is hoping that Saunder’s executive experience will help them to attract top-notch talent as they restructure themselves. According to the chairman of the board of Visa International, “his experience and insight will be particularly valuable to such important tasks as developing Visa Inc.’s board of directors, organizational structure, and corporate policies.”

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This entry was posted on Saturday, February 24th, 2007 at 3:58 pm and is filed under Credit Card News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.