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Visa Inc. revealed that Alfred Kelly, the chairman of its board of directors, is stepping down. He has also served the company as chief executive officer at one point and is now on his way to retirement.
Visa said in its announcement that the 65-year-old Al Kelly is set to officially leave the board in January 2024. Then again, he will remain in the company until mid-February and serve as a senior adviser until then.
The Chosen Replacement for the Chairmanship Post
According to Bloomberg, the credit card issuer is planning to name John Lundgren as its new chairman of the board. He is a lead independent director and his appointment is still subject to his reelection at the company’s upcoming annual shareholders meeting that is set to take place in January.
In any case, Kelly’s retirement will take effect on Jan. 23 and he will vacate his seat after several years as an executive at Visa Inc. He first joined the firm’s board in 2014 and was named CEO after two years (December 2016). In April 2019, he took over the chairman role.
CEO Expressed Gratitude to the Retiring Exec
“There are many things I admire about Al, such as his strategic mindset, relentless focus on innovation and passion for Visa’s business and its people. But perhaps most of all, I admire how he ensured that Visa remained a company that was guided by its values,” Visa’s chief executive officer, Ryan McInerney, said in a press release.
He added, “Al led Visa through a pivotal evolution in the payments ecosystem, marked by the emergence of new technologies, a global pandemic and an unprecedented acceleration in the use of digital payments. Through it all, he drove significant growth across Visa’s business and positioned the company for long-term success as a global leader in payments.”
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