Visa USA names John Philip Coghlan president and CEO

Source: Visa USA

Visa USA, the nation's leading payment brand and largest payment system, today appointed John Philip Coghlan, 54, as president and chief executive officer, effective immediately.

Coghlan joins Visa following 17 years at Charles Schwab and Company, where he most recently served as vice chairman of The Charles Schwab Corporation and as president of the Schwab Individual Investor Group.

Coghlan succeeds Carl F. Pascarella, who held the chief executive officer and president positions for Visa USA since 1993. Last July, Pascarella announced his intention to retire from the organization by September 2005.

"From a list of many highly qualified candidates, John was the Board's overwhelming choice because of his extraordinarily successful track record in the financial services industry and his proven leadership skills across a range of areas critical to Visa's future success," said G. Patrick Phillips, chairman of the Board of Visa USA; president of card services, Bank of America; and head of the CEO search committee.

"John brings a fresh perspective and an innovative approach to solving complex business challenges. His proficiency in crafting long-term strategies and leading short-term execution is reflected in his many achievements at Schwab. These attributes, coupled with his experience as an entrepreneur, will enable Visa to anticipate and meet the changing needs of its stakeholders in the near term and for decades to come," concluded Phillips.

As president and CEO of Visa USA, Coghlan will be responsible for setting the strategic priorities that will enable Visa to extend its leadership in an increasingly competitive and dynamic industry. He will also oversee and guide a senior management team responsible for executing the day-to-day operations, with a focus on delivering increased value to all stakeholders in the payments chain.

"I am grateful for the opportunity to lead this world-class organization into the future," said Coghlan. "I look forward to working closely with Visa's leadership team to seize the opportunities and to tackle the complex challenges that face the company as we drive performance to new heights."

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