Visa's Chairman of Board of Directors, Alfred F. Kelly, Jr., has announced his retirement. According to a press release by Visa, Kelly will step down from his role as Chairman and as a member of Visa's Board of Directors on January 23, 2024. However, he will continue to serve as a Senior Advisor until February 15, 2024.

Visa also revealed their 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 been a part of Visa since January 2014 when he was first elected to the company's Board as an Independent Director. He joined Visa in December 2016 and served as CEO, Chairman, and later as Executive Chairman. Prior to his tenure at Visa, Kelly had a notable career at American Express and was the President and CEO of Intersection, an Alphabet-backed tech and media company. He also held the position of President and CEO of the 2014 NY/NJ Super Bowl Host Company and served as head of information systems at the White House, as stated on Visa's website.

In a statement, Kelly expressed his gratitude to Visa's talented team and his confidence in the company's future. He said, "My time at Visa has been one of the greatest honors of my life. 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."

Lundgren, who will be taking over as Chair of the Board, praised Kelly's leadership and contributions to Visa. He 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."

Visa, as a global leader in payment solutions, will undoubtedly continue to innovate and provide reliable services under the new leadership of John F. Lundgren as they strive to support individuals, businesses, and economies worldwide.