8-KLeadership ChangesExhibits & Filings

VISA INC. 8-K Report, Executive Changes (Jun 20, 2023)

Filed June 20, 2023For Securities:V

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.

Frequently Asked Questions

Chris Suh has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of Visa Inc. He will officially assume the role on August 1, 2023, and will begin employment with Visa as CFO Designate on July 10, 2023.

Chris Suh has extensive financial leadership experience. Most recently, he served as Executive Vice President and Chief Financial Officer at Electronic Arts Inc. Prior to that, he held various finance positions at Microsoft Corporation since 1996, including Corporate Vice President and Chief Financial Officer of the Cloud + AI group.

Chris Suh will receive a base salary of $900,000. He is also eligible for Visa's Incentive Plan (VIP) with a target bonus of 175% of his base salary and a maximum opportunity of 350%. Additionally, he will be recommended for an initial long-term incentive award of $9,000,000 in November 2023. He will also receive a one-time equity award valued at $11,000,000 and a one-time cash award of $3,000,000 to offset forfeited incentives from his previous employer.

Chris Suh is succeeding Vasant Prabhu as CFO. Mr. Prabhu is departing Visa Inc. on September 30, 2023. Upon Mr. Suh's appointment on August 1, 2023, Mr. Prabhu will cease to be an executive officer.