SAN FRANCISCO, July 27 /PRNewswire-FirstCall/ -- Joseph W. (Joe) Saunders,
Chairman and Chief Executive Officer (CEO) of Visa Inc. (NYSE: V), today
announced that he is reorganizing the company's executive management team's
responsibilities to heighten organizational effectiveness and increase the
pace of Visa's global alignment.
"We've come a long way since October of 2007 when we merged five
independent Visa operating regions, Visa International and its global payment
processing subsidiary, Inovant, into one company called Visa Inc. and very
successfully took the company public," said Saunders. "Since the IPO, we've
expanded our core debit and credit business, reduced operating costs by
hundreds of millions of dollars, and heightened our focus on product
innovation. We have met or exceeded most of the financial goals we
established at the IPO, and continue to meet or exceed all our current
financial guidance. As a growing and constantly evolving company, we will
continually assess our management team structure and refine it as necessary to
ensure that we continue to deliver value to clients and shareholders."
In the new structure, the company's global sales, client service,
marketing, product development and innovation functions will be consolidated,
effective immediately, under the leadership of John M. Partridge, Chief
Operating Officer. With these critical business units more closely aligned,
Visa will achieve greater integration, operating efficiencies and increased
speed to market in delivering new products to clients.
John C. (Hans) Morris, will step down as President, Visa Inc. He will
remain with the company until the end of the year in a different capacity
working with Mr. Saunders and helping to ensure a seamless transition to the
new structure. Morris joined the newly formed Visa Inc. in 2007 and played a
central role in the company's successful IPO in 2008. Since then he has
enhanced Visa's client-facing operations, assisting the company in adopting
more rigorous customer-centric models required by public companies, led its
coordination with Visa Europe and played a significant role with many of
Visa's key client relationships.
"Hans played an important role as we created Visa Inc., executed the IPO
and transitioned Visa to a high performing public company," said Mr. Saunders.
"We've benefitted from his energy, insight and counsel."
About Visa Inc.
Visa Inc. 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. For more information, visit www.corporate.visa.com.
Forward Looking Statements
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
which are subject to the "safe harbor" created by those sections. These
statements can be identified by the terms "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "will" and similar expressions which are
intended to identify forward-looking statements. In addition, any underlying
assumptions are forward-looking statements. Such forward-looking statements
include but are not limited to statements regarding certain of Visa's goals
and expectations with respect to adjusted earnings per share, revenue,
adjusted operating margin, and free cash flow, and the growth rate in those
items, as well as other measures of economic performance.
By their nature, forward-looking statements: (i) speak only as of the date
they are made, (ii) are not guarantees of future performance or results and
(iii) are subject to risks, uncertainties and assumptions that are difficult
to predict or quantify. Therefore, actual results could differ materially and
adversely from those forward-looking statements as a result of a variety of
factors, including all the risks discussed under the heading "Risk Factors" in
our Prospectus dated March 18, 2008, filed with the U.S. Securities and
Exchange Commission pursuant to Rule 424(b)(4) on March 19, 2008. You are
cautioned not to place undue reliance on such statements, which speak only as
of the date of this press release. Unless required to do so under U.S. federal
securities laws or other applicable laws, we do not intend to update or revise
any forward-looking statements.
Media Relations: Paul Cohen, 415-932-2166
SOURCE Visa Inc.
CONTACT: Paul Cohen, Media Relations, +1-415-932-2166
Web Site: http://www.corporate.visa.com