Breaking News

Visa credit card company announces new CEO


Joseph Saunders will be the new CEO for the Visa credit card company.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Visa announced that it had named Joseph Saunders to the posts of chairman and chief executive ahead of its planned public offering later in the year.  Visa had appointed Saunders to help find a chief executive, but eventually decided he was the best choice for CEO.

Saunders joined Visa’s board of directors in February as executive chairman.  Earlier, Saunders served as president of card services at Washington Mutual. He joined that bank following its acquisition of Saunder’s former employer, Providian Financial.

As CEO, Saunders will oversee Visa’s transformation from a bank-owned cooperative to a publicly traded payments company.  In October 2006, Visa stated its intention to restructure and sell stock via an initial public offering.  The IPO’s timing has yet to be announced.

Many details of the planned IPO remain unknown, since Visa has yet to file a prospectus with the Securities and Exchange Commission.

In going public, Visa will follow the lead of MasterCard, whose shares have risen sharply since the company went public in May.

Saunders is coming on board as Visa CEO at a time of major change for the payments industry.  Among these shifts is the increased use of credit cards and debit cards by both consumers and businesses in place of traditional cash and checks.

Meanwhile, the payments industry is working to boost transaction volume through new payments methods, such as contactless credit cards and making payments with a cellphone.

Visa posted transactions of $4.6 trillion in 2006, a 14 percent increase from the prior year.  Debit and prepaid cards now comprise 60 percent of Visa’s global total consumer volume and over 67 percent of the number of transactions.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Breaking News

Bank of America to offer credit cards in China

Bank of America will join with China Construction Bank to offer credit cards in China.

See more stories
Credit Card Rate Report Updated: November 25th, 2020
Cash Back

Questions or comments?

Contact us

Editorial corrections policies

Learn more