01—Abstract
Summary
Summary of the 8-K filed October 11, 2022. Cited figures are marked; the original filing is the authoritative source.
Visa Inc. (V) has announced a change to its Board of Directors through an 8-K filing on October 10, 2022.
The company's Board size has been expanded from 11 to 12 members with the appointment of Kermit R. Crawford, effective October 7, 2022. Mr. Crawford's term will extend until the 2023 Annual Meeting of Stockholders.
Mr. Crawford has been determined to be an independent director under NYSE listing standards and will serve on the Board's Audit and Risk Committee and Nominating and Corporate Governance Committee starting January 1, 2023. His compensation will align with Visa's standard arrangements for non-employee directors. This appointment reflects Visa's ongoing governance practices and commitment to maintaining a qualified and independent board.
02—Key points
Key Highlights
- Visa Inc. appointed Kermit R. Crawford to its Board of Directors.
- The Board size has been increased from 11 to 12 members.
- Mr. Crawford's appointment is effective October 7, 2022, with his term expiring at the 2023 Annual Meeting of Stockholders.
- The Board has determined Mr. Crawford to be an independent director.
- Mr. Crawford will join the Audit and Risk Committee and Nominating and Corporate Governance Committee effective January 1, 2023.
- His compensation will follow the standard non-employee director compensation plan.
- No undisclosed arrangements or reportable transactions exist between Mr. Crawford and Visa.
03—Questions
Frequently Asked Questions
Who is Kermit R. Crawford and why has he been appointed to Visa's Board?
Kermit R. Crawford has been appointed to Visa's Board of Directors as an independent director. While the filing doesn't detail his specific background, his appointment, effective October 7, 2022, expands the Board and brings new expertise, with him set to join key committees like Audit and Risk, and Nominating and Corporate Governance from January 1, 2023.
Does this appointment affect the number of directors on Visa's Board?
Yes, the appointment of Mr. Crawford has increased the size of Visa's Board of Directors from 11 to 12 members.
Will Mr. Crawford be compensated for his service on the Board?
Yes, Mr. Crawford will receive compensation for his service as a director and committee member in accordance with Visa's standard compensation practices for its non-employee directors.
Are there any conflicts of interest or related-party transactions associated with Mr. Crawford's appointment?
According to the filing, there are no undisclosed arrangements or understandings related to Mr. Crawford's selection. Additionally, there are no transactions between Mr. Crawford and Visa that would require reporting under SEC Regulation S-K Item 404(a).
04—Continue