Dive Brief:
- Visa Chief Financial Officer Vasant Prabhu will exit his role Sept. 30, the card network giant said Thursday.
- Prabhu, 63, has served as CFO since 2015, according to a news release. He will assist San Francisco-based Visa with the search for his replacement and new executive’s onboarding, the company said. Prabhu will also leave his role at the company as vice chair.
- “As I retire, I know that the company is well positioned to continue to grow and take full advantage of the revolution in payments around the globe,” Prabhu said in the release.
Dive Insight:
The CFO’s exit is Visa’s latest C-suite change, following Executive Chairman Al Kelly handing off the CEO post to Ryan McInerney earlier this month. Visa announced that CEO succession plan in November.
As he readied for his new role, McInerney named a group of new Visa executives as part of an organizational restructuring, though he didn’t say anything about the CFO role.
McInerney credited Prabhu in the release with building a strong finance team during his eight years in the job.
“Vasant has played an integral role in shaping Visa’s strategic transformation as we evolved our business to a network of networks, introduced new revenue growth drivers including new flows and value added services and executed acquisitions to advance our strategy,” McInerney said in the release.
Prabhu worked side-by-side with Kelly, who was CEO from 2016 through last month, for most of his tenure. In the release, Kelly acknowledged the “long and successful partnership” he and Prabhu shared during a period of radical change in the payments industry.
Prabhu’s departure means he will be entitled to separation payments in accordance with the company’s executive severance plan, Visa said in a Thursday filing with the Securities and Exchange Commission. “No new compensatory arrangements are being entered into with Mr. Prabhu in connection with his departure from the Company,” according to the filing.
