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Visa is reportedly planning to name a new chief executive officer as early as this month.
October 17 -
Visa lost a lot of PIN debit business after new regulations took effect this year, but the payments network insists it has stanched the bleeding and its incentive programs will win back market share.
August 10
Visa (NYSE: V) chief executive Joseph Saunders is retiring on November 1, the world's largest payments network
He will be replaced by longtime JPMorgan Chase (JPM) executive Charles W. Scharf, who had been
Saunders will remain Visa's executive chairman until March 2013, at which point the board "intends to appoint a new non-executive independent chairperson," Visa said on Wednesday.
Saunders joined Visa in 2007 to take it through its record-breaking initial public offering in early 2008. He formerly ran Providian, the subprime credit card lender Washington Mutual bought in 2005. (JPMorgan Chase eventually acquired most of those legacy assets when it bought the failed WaMu's operations during the financial crisis.)
The timing of Saunders' retirement was first reported earlier this month by the
Saunders leaves behind a company that still dominates the payments industry, but is weathering the effects of increasing regulation and legal challenges to how Visa and its competitors set the prices that merchants must pay to accept credit and debit cards.
