8-KLeadership Changes

VISA INC. 8-K Report, Executive Changes (Jun 27, 2022)

Filed June 27, 2022For Securities:V

Summary

Visa Inc. has announced a significant change in its accounting leadership. James Hoffmeister, the Senior Vice President, Global Corporate Controller and Chief Accounting Officer, has resigned from his current role, effective July 1, 2022. However, this is not a departure from the company, as Mr. Hoffmeister will be transitioning to the Chief Financial Officer position at Visa Europe Limited. Concurrently, Peter Andreski has been appointed as the new Senior Vice President, Global Corporate Controller and Chief Accounting Officer, also effective July 1, 2022. Mr. Andreski brings a wealth of experience from his previous roles within Visa and prior to that at major corporations like Boeing and ABB, along with a strong accounting and finance background. This leadership transition is likely to be viewed positively by investors, given the internal promotion and the extensive experience of the new appointee. Mr. Andreski's compensation package, including base salary, incentive plan participation, and long-term incentives, has been detailed, aligning with industry standards for such a senior role. The company's commitment to standard indemnification agreements further reinforces corporate governance practices. Investors should monitor the integration of Mr. Andreski into his new role and the continued performance of Visa Europe under Mr. Hoffmeister's financial leadership.

Key Highlights

  • 1James Hoffmeister, Chief Accounting Officer, is transitioning to CFO of Visa Europe, effective July 1, 2022.
  • 2Peter Andreski appointed as new Senior Vice President, Global Corporate Controller and Chief Accounting Officer, effective July 1, 2022.
  • 3Mr. Andreski has prior experience as SVP, Global Head of Revenue Operations at Visa.
  • 4Mr. Andreski has a strong financial background with experience at Boeing, ABB, and Deloitte.
  • 5Mr. Andreski's compensation includes an annual base salary of $450,000.
  • 6He is eligible for incentive plans with target opportunities of 65% and a maximum of 130% of base salary.
  • 7Mr. Andreski's target long-term incentive value is $500,000, subject to performance and vesting.

Frequently Asked Questions

No, James Hoffmeister is not leaving Visa. He is transitioning from his role as Senior Vice President, Global Corporate Controller and Chief Accounting Officer to become the Chief Financial Officer of Visa Europe Limited, effective July 1, 2022.

Peter Andreski has been appointed as the new Senior Vice President, Global Corporate Controller and Chief Accounting Officer, effective July 1, 2022.

Peter Andreski has served as Senior Vice President, Global Head of Revenue Operations at Visa since June 2019. Prior to Visa, he held various accounting and finance leadership roles at The Boeing Company, ABB Ltd., and Deloitte & Touche. He is a Certified Public Accountant (CPA).

Mr. Andreski will receive an annual base salary of $450,000. He is eligible for the Visa Inc. Incentive Plan with a target opportunity of 65% and a maximum of 130% of his base salary. Additionally, he will participate in the long-term incentive plan with a target value of $500,000, based on annual performance evaluations and subject to vesting requirements.