Summary
Visa Inc. has announced a significant leadership change with the appointment of Chris Suh as its new Executive Vice President and Chief Financial Officer (CFO), effective August 1, 2023. Mr. Suh joins Visa from Electronic Arts Inc., bringing extensive financial leadership experience from his previous roles at Microsoft Corporation. This appointment is a key event for investors as it signals continuity and expertise in financial strategy and operations. The filing also details Mr. Suh's compensation package, which includes a base salary of $900,000, eligibility for incentive plans with a target bonus of 175% of base salary, and a significant long-term incentive award of $9,000,000 to be recommended for approval in November 2023. Additionally, a one-time equity award of $11,000,000 and a one-time cash award of $3,000,000 are provided to compensate for forfeited incentives from his prior employer and to ensure a smooth transition.
Key Highlights
- 1Chris Suh appointed as new Executive Vice President, Chief Financial Officer (CFO), effective August 1, 2023.
- 2Mr. Suh brings a strong financial background, previously serving as CFO at Electronic Arts Inc. and holding senior finance roles at Microsoft Corporation.
- 3Mr. Suh will receive a base salary of $900,000 and is eligible for Visa's incentive and long-term incentive plans.
- 4A significant one-time equity award of $11,000,000 in restricted stock units (RSUs) will be granted to Mr. Suh.
- 5A one-time cash award of $3,000,000 is provided to Mr. Suh, with a portion for reimbursement of current employer obligations.
- 6The appointment of Mr. Suh marks the departure of Vasant Prabhu, who will leave the company on September 30, 2023.