Regulation & Compliance

Visa Says CFO Pollitt Plans to Retire Within 12 Months

Visa Inc., the world's biggest bank-card network, said Byron H. Pollitt Jr. plans to retire as chief financial officer within the next 12 months.

Pollitt, 62, has served as CFO for seven years, Visa said today in a regulatory filing. A successor hasn't been named yet and Pollitt will assist with the transition, Foster City, Calif.-based Visa said.

Pollitt is the latest top executive to leave Visa this year. Elizabeth Buse, 53, who previously ran most of the firm's international business, announced plans to retire in March after more than 16 years at the company.

Pollitt joined Visa in 2007, right before the company's initial public offering. He previously served as CFO at Gap Inc. and Walt Disney Co. He is a graduate of the University of California Riverside and Harvard Business School.

Visa shares declined 4.1 percent this year through yesterday, compared with the 5.4 percent advance of the 66- company Standard & Poor's 500 Information Technology Index. Paul Cohen, a spokesman for Visa, declined to elaborate on Pollitt's retirement or the firm's succession plans.



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