Alfred F. Kelly, Jr., Chairman of Visa, will be stepping down from his role on January 23, 2024, according to a press release by Visa. Kelly will also retire as a member of Visa's Board of Directors, but will continue to serve as a Senior Advisor until February 15, 2024. Visa plans to name John F. Lundgren, the Lead Independent Director, as the new Chair of the Board, pending his reelection at Visa's annual meeting of stockholders.
Kelly has had a long and successful career at Visa, joining the company in December 2016 as CEO, Chairman, and later as Executive Chairman. Prior to his time at Visa, he held various positions at American Express and served as the President and CEO of Intersection, a tech and media company backed by Alphabet. Kelly also played a key role in organizing the 2014 NY/NJ Super Bowl as the President and CEO of the host company. He even served as the head of information systems at the White House, showcasing his diverse experience.
Expressing gratitude for his time at Visa, Kelly said, "My time at Visa has been one of the greatest honors of my life. I want to extend my sincerest thanks to our incredibly talented team who made the company the global leader it is today. I leave knowing Visa is in excellent hands, both with Ryan, who as CEO continues to lead Visa to greater heights, and John, who has my admiration and respect. As I move on to this new chapter in my life, I have full faith that Visa will continue to deliver innovative payment solutions that help individuals, businesses, and economies thrive."
John F. Lundgren, who will be taking over as Chair of the Board, also expressed his appreciation for Kelly's leadership. Lundgren said, "It has been a privilege to serve on Visa's Board alongside Al. Under his vision, Visa led the payments industry through a period of tremendous change, transforming how people around the world pay and are paid. Thanks to the strong foundation Al built, Visa will continue to strengthen its business while powering commerce around the world."
Kelly was first elected to Visa's Board as an Independent Director in January 2014, according to Visa's official statement. His departure marks the end of an era for Visa, but the company is confident in the leadership of Ryan McInerney, the current CEO, and John F. Lundgren as they continue to drive Visa's success in the global payments industry.