(CTN NEWS) – Ryan McInerney, the company’s longtime president, will take over as CEO of Visa on February 1; current CEO Alfred F. Kelly, Jr. will move into the position of executive chairman.
In a press release on Thursday (Nov. 17), the company said that McInerney is in charge of Visa’s global businesses in more than 200 countries and territories in his present position, which he has held since 2013.
McInerney has managed Visa’s market teams, business divisions, product team, merchant team, and client services during his 20 years in the payments and consumer banking industries.
After graduating from the University of Notre Dame in 1997, McInerney worked for eight years as a retail banking and payments consultant at McKinsey & Co. before joining Visa.
He served for three years as the CEO of consumer banking at J.P. Morgan Chase.
Kelly praised his successor, saying, “I cannot think of a greater leader to continue to position Visa at the core of money flow in increasingly inventive ways.”
Ahead of a period of fundamental change in the payments ecosystem.
Kelly, Visa’s CEO since 2016 and chairman of the board of directors since 2019, guided the business as it expanded across revenue streams, strengthened its foundation, and managed the transition.
According to a press statement, John F. Lundgren, lead independent director and a former chairman and CEO of Stanley Black & Decker, said, “We are incredibly thankful for Al’s leadership over the past six years.”
“His extensive business knowledge and vision have made Visa a leader in payments in a changing and more difficult external environment.”
“Ryan’s appointment reflects the Board’s carefully crafted succession plan. With Ryan taking on this new role, Visa’s success will continue to accelerate. He has played an integral role in Visa’s growth and innovation. I am looking forward to working with him in the future.”
Ryan McInerney, President of Visa, said, “I am honoured and humbled to become the newest CEO.”.
“I would like to thank Al for his partnership and mentorship over the past few years and the Board of Directors for its confidence in me.
My goal is to continue to help Visa deliver innovative solutions to individuals, businesses, and economies.”
McInerney will take over Visa at an important time, as global consumer and corporate confidence and expenditure have been negatively impacted by rising interest rates and the repercussions of inflation.
Credit card fraud is a chronic and expensive issue that costs the company and the larger financial industry time and money. It has also increased with the continuous development of online buying and commerce.
During its most recent earnings call, the payments network said the overall volume of payments increased by 10% in its fiscal fourth quarter.
The spending patterns were revealed during the Oct. 25 call, as PYMNTS highlighted at the time.
They were proof of the ongoing digital change and a move by the payments network to go beyond simply permitting that spend and make it faster and more secure.
During the call, Kelly stated that the number of tokenized credentials has climbed by 13% and 9% over the past year.
At the time, Kelly stated, “Without Russia, we crossed 4.8 billion tokens surpassing the number of card credentials.
The San Francisco-based financial services company, which has a market value of nearly $450 billion, is one of the biggest publicly traded firms in the United States and will celebrate its 65th birthday next year.
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