San Francisco (ots/PRNewswire)
Visa announced today that Joseph (Joe) W. Saunders has been named
Chairman and Chief Executive Officer of Visa Inc. Visa's regional
boards of directors unanimously approved Saunders's appointment after
an extensive six-month search. Saunders previously had been named the
designated Executive Chairman of Visa Inc.'s Board of Directors, a
role he assumed in February 2007.
Visa plans to form Visa Inc. through a series of mergers involving
Visa Canada, Visa USA and Visa International. Visa Europe will retain
its member-owned association structure and will become a licensee of
Visa Inc. Because Visa Inc. is not expected to be formed until later
this year, Saunders is performing his duties as Chairman and CEO as a
designated appointee of Visa Inc.
"Joe's background is perfectly tailored to this critical position.
His 30-plus years of industry experience, the leadership role he has
played at major companies, his strong integration experience, and his
firsthand knowledge of Visa make him uniquely qualified to lead our
company through one of the most exciting times in its history," said
William I. Campbell, chairman of Visa International's Board of
Directors. "After a thorough CEO search effort, it became clear to us
that Visa already had the right candidate for the job. Because Joe
has been functioning as Executive Chairman for several months, Visa
will be able to move forward without the ramp-up period that would be
required with an external hire."
"Visa has developed from its domestic credit card beginnings into
a global payments leader, and my position is a tremendous opportunity
to contribute to Visa's growth," Saunders said. "I have the benefit
of viewing Visa from many perspectives -- as a former customer and
board member, and as Executive Chairman of Visa Inc. -- and I am
confident that Visa's world-class employees, competitive strategy,
leading brand and network, and diverse product offering will lead to
continued success for the company."
Saunders continued, "My experience working with Visa has
demonstrated that this is a high-performing, highly focused team that
delivers results. In the second quarter of fiscal year 2007, Visa
experienced very strong growth across all product categories
worldwide. These results clearly demonstrate that Visa has been
realizing the great potential that exists within the dynamic and
growing payments industry. I could not be more excited about taking
on this role at Visa and working with this talented team during such
an extraordinary time for the company."
Based in San Francisco, Saunders will continue to report directly
to the Visa Transition Governance Committee, which includes
representatives from all of Visa's regions, Inovant and Visa
Saunders's career in financial services spans more than 30 years.
Prior to becoming Visa Inc.'s Executive Chairman in February, he
served as President of Card Services for Washington Mutual, having
joined the company following its acquisition of Providian Financial
in 2005. Saunders joined Providian Financial in 2001 as President and
Chief Executive Officer, and was elected Chairman of its Board of
Directors in 2002. From 1997 to 2001, he served as Chairman and Chief
Executive Officer of Fleet Credit Card Services at FleetBoston
Prior to joining FleetBoston, Saunders spent 12 years at Household
International, where he held various senior roles, including Chief
Executive of Card Services and head of the private label credit card
Saunders received Bachelor of Science and Master of Business
Administration degrees from the University of Denver.
About Visa: Visa connects cardholders, merchants and financial
institutions through the world's largest electronic payments network.
Visa products allow buyers and sellers to conduct commerce with ease
and confidence in both the physical and virtual worlds. Visa is
committed to the sustained growth of electronic payment systems to
support the needs of all stakeholders and to drive economic growth.
Visa products currently generate more than US$4.6 trillion in
sales volume worldwide. Visa enjoys unsurpassed acceptance around the
world. In addition, Visa/Plus is one of the world's largest global
ATM networks, offering cash access in local currency in over 170
countries. For more information, visit http://www.corporate.visa.com
This press release is not intended, and should not be construed,
as an offer to sell, or as a solicitation of an offer to purchase,
any securities. A solicitation will be made only by means of an
information statement/prospectus, which you should read carefully
when it becomes available.
This press release contains forward-looking statements. These
statements may be identified by the use of words such as "will,"
"believes," "anticipates," "intends," "estimates," "expects,"
"projects," "plans" or similar expressions. Such forward-looking
statements include, without limitation, statements about the proposed
restructuring and related transactions, strategy, future operations,
prospects, plans and objectives of management and events or
developments that we expect or anticipate will occur. The
forward-looking statements reflect Visa's current views and
assumptions and are subject to risks and uncertainties, which may
cause actual and future results and trends to differ materially from
the forward-looking statements, including but not limited to ability
to obtain approval by Visa's members for the proposed restructuring
and related transactions; successful completion of the restructuring
and related transactions; the outcome of legal proceedings;
uncertainties inherent in operating internationally; and the impact
of law and regulations. Many of these factors are beyond Visa's
ability to control or predict. Given these factors, you should not
place undue reliance on the forward-looking statements.
Contact: Paul Cohen
Web site: http://www.corporate.visa.com
ots Originaltext: Visa International
Im Internet recherchierbar: http://www.presseportal.ch
Paul Cohen of Visa, office: +1-415-932-2166, mobile: +1-415-370-2286,