Visa CFO to exit

Vasant Prabhu, the company's chief financial officer since 2015, will leave Visa in September, the company said Thursday

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. 

By Caitlin Mullen on Feb 16, 2023
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