Visa USA announced this morning plans to change the composition of its board of directors by having a majority of the board made up of independent directors. Of 17 Visa USA board seats, eight will be held by independent directors, seven by financial institution directors, and two non-voting Visa management directors. Visa said the change requires member approval and is expected to take nine to twelve months to implement.
"In light of the dynamic changes taking place in the payments industry, the Visa USA board of directors and Visa's management team believe the time is right to add independent directors to the board," said John Philip Coghlan, President and CEO of Visa USA.
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"Visa and our stakeholders will benefit from the wider range of talent and diverse experience that independent directors will bring to the boardroom as they help shape the association's growth strategies. Independent directors will generate added confidence in the organization's decision-making and will ultimately strengthen Visa's position with regard to legal issues concerning the impartiality and autonomy of directors.