Joseph Saunders Named Chairman and CEO of Visa Inc.
Visa has announced 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."
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