Visa USA Appoints John Philip Coghlan as President And CEO

"From a list of many highly qualified candidates, John was the Board's overwhelming choice because of his extraordinarily successful track record in the financial services industry and his proven leadership skills across a range of areas critical to Visa's future success," said G. Patrick Phillips, chairman of the Board of Visa USA; president of card services, Bank of America; and head of the CEO search committee.

"John brings a fresh perspective and an innovative approach to solving complex business challenges. His proficiency in crafting long-term strategies and leading short-term execution is reflected in his many achievements at Schwab. These attributes, coupled with his experience as an entrepreneur, will enable Visa to anticipate and meet the changing needs of its stakeholders in the near term and for decades to come," concluded Phillips.

As president and CEO of Visa USA, Coghlan will be responsible for setting the strategic priorities that will enable Visa to extend its leadership in an increasingly competitive and dynamic industry. He will also oversee and guide a senior management team responsible for executing the day-to-day operations, with a focus on delivering increased value to all stakeholders in the payments chain.

"I am grateful for the opportunity to lead this world-class organization into the future," said Coghlan. "I look forward to working closely with Visa's leadership team to seize the opportunities and to tackle the complex challenges that face the company as we drive performance to new heights."

Commenting on Visa's future prospects, Coghlan said, "Despite the tremendous inroads made by electronic payments, today cash and checks continue to dominate many markets, leaving us with plenty of opportunities for growth. Visa's popular brand, diverse product set, superior technology, and motivated team position us well to meet the needs of Members and merchants and their customers -- the cardholders -- and to capture these untapped opportunities."

Coghlan joins Visa after having served 17 years at Charles Schwab and Company, where he demonstrated strong leadership skills, sales management expertise, an understanding of the critical role that technology and innovation play in driving growth for financial services, and a keen appreciation for the importance of brand-building.

At Schwab, Coghlan was a member of the Executive Committee of The Charles Schwab Corporation, as well as president of the Board of Directors of The Charles Schwab Trust Company, a subsidiary of The Charles Schwab Corporation.

One of Coghlan's main contributions to Schwab was building Schwab Institutional, the industry's dominant service provider to independent investment advisers. Coghlan also built Schwab's defined contribution business into the fastest-growing competitor in the marketplace.

After more than a decade as president of Schwab's Institutional business, Coghlan took over the reins of the retail business. As president of the Individual Investor Business, he oversaw the 390-office network, four customer service call centers, and www.schwab.com.

Before joining Schwab, Coghlan was a founder and the chief operating officer of San Francisco Grocery Express, Ltd., a direct-response catalog grocery-delivery company.

Coghlan holds a Bachelor of Arts degree in psychology, with honors in social thought from Stanford University, a Master of Arts degree in economics and public policy from the Woodrow Wilson School of Princeton University, and a Master of Business Administration from Harvard University.