Visa announced the individuals who will serve as members of Visa Inc.’s Board of Directors after the completion of the proposed restructuring and the appointment of Byron Pollitt, Jr. as Chief Financial Officer designate of Visa Inc.
The proposed restructuring, which remains subject to member approval, contemplates a series of transactions by which Visa Canada, Visa USA and Visa International will become subsidiaries of Visa Inc. Visa Europe will retain its member-owned association structure and will become a licensee of Visa Inc.
In addition to Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc., the Board of Directors of Visa Inc. will include 10 independent directors and seven directors drawn from each of Visa’s geographic operating regions.
The following individuals were named to serve as the independent directors after the completion of the proposed restructuring:
– Thomas Campbell, Bank of America Dean and Professor of Business, the Haas School of Business, University of California, Berkeley
– Gary Coughlan, Former Chief Financial Officer and Senior Vice President of Finance, Abbott Laboratories
– Mary B. Cranston, Firm Senior Partner, Pillsbury Winthrop Shaw Pittman LLC
– Francisco Javier Fernandez-Carbajal, Former Chief Executive Officer, Corporate Development Division, Grupo Financiero BBVA Bancomer
– Suzanne Nora Johnson, Former Vice Chairman, The Goldman Sachs Group, Inc.
– Robert W. Matschullat, Former Vice Chairman and Chief Financial Officer, Seagram Company Limited
– Cathy Elizabeth Minehan, Former President and Chief Executive Officer, Federal Reserve Bank of Boston
– David J. Pang, Former Chief Executive Officer, Airport Authority of Hong Kong and Former Corporate Vice President, E.I. DuPont and Former Chairman, DuPont Greater China
– William Shanahan, Former President, Colgate-Palmolive Company
– John Swainson, President, Chief Executive Officer and Director, CA, Inc.
The following individuals were named to serve as the regional directors after the completion of the proposed restructuring:
– Peter Hawkins, Chairman of Visa Asia Pacific Region, director of Visa International and director of Inovant
– David McKay, Chairman of Visa Canada, director of Visa International and Executive Vice President of Personal Financial Services, Royal Bank of Canada
– Hani Al-Qadi, General Manager and Vice Chairman, Arab Jordan Investment Bank, and director of Visa Central Europe Middle East Africa (CEMEA)
– Hans van der Velde, Deputy Chairman of Visa Europe and director of Visa International and Inovant
– Segismundo Schulin-Zeuthen, Chairman of Visa Latin America and Caribbean Region and director of Visa International and Inovant
– Charles T. Doyle, Chairman, Texas First Bank and Chairman, Texas Independent Bancshares, Inc. and director of Visa USA, Visa International and Inovant
– Charles W. Scharf, Chief Executive Officer, Retail Financial Services, JPMorgan Chase & Co. and director of Visa USA
“I am eager to begin working with this talented group of executives, whose vision and diversity of experience will be invaluable to Visa Inc. and our customers,” said Joseph Saunders. “Visa Inc.’s governance will benefit from the broad perspective, strategic insights and business expertise that our new board members bring.”
Visa also announced that Byron Pollitt, Jr. will be serving as Chief Financial Officer of Visa Inc., reporting directly to Saunders, effective mid- September 2007.
Pollitt joins the company from Gap Inc. where he worked as Executive Vice President and Chief Financial Officer. Prior to joining Gap Inc., Pollitt worked for The Walt Disney Company for 13 years, most recently as Executive Vice President and Chief Financial Officer of Walt Disney Parks and Resorts.
About Visa: Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries.