Visa Inc. (V), the world's largest payments network, said
Tuesday its board elected former Clorox Co. (CLX) Chairman Robert
W. Matschullat as its independent chairman, effective April 1.
Mr. Matschullat, a Visa board member since 2007, will take over
after the previously announced retirement of Joseph Saunders, who
in November stepped down as chief executive officer and chairman of
the Foster City, Calif.-based company. At the time, Mr. Saunders
assumed the role of executive chairman of the board, a position he
will hold through March.
Visa also said John Swainson's term as lead board director will
end at the same time, at which point he will return to his position
as a member of the company's board. Mr. Swainson, a Dell Inc.
(DELL) executive, has also been a Visa director since 2007.
Mr. Matschullat in the past was chairman and interim chief
executive of Clorox, and is currently the company's lead director.
He previously served as board vice chairman and chief financial
officer of beverage company Seagram Co., and held positions at
Morgan Stanley.
Mr. Matschullat "possesses a wealth of experience in global
consumer products and corporate finance that has been a great
benefit to the board" and Visa, Mr. Saunders said in a
statement.
Mr. Saunders' departure from Visa is one of multiple management
changes the company has announced in recent months. The company
hired former long-time J.P. Morgan Chase & Co. retail-banking
executive Charles Scharf to replace Mr. Saunders as chief
executive, and in December Visa said its president, John Partridge,
would retire at the end of March. No replacement has been named for
Mr. Partridge.
Visa is scheduled to hold is annual meeting in Foster City,
Calif. on Wednesday.
Write to Andrew R. Johnson at andrew.r.johnson@dowjones.com.
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