Bank One Corp. executive William P. Boardman, who became chairman of Visa U.S.A. last fall, has been elected chairman of the Visa International board.

The election is effective immediately, Visa said Monday. Mr. Boardman will remain as a Visa U.S.A. director, but a new domestic chairman will be named.

Mr. Boardman steps into the international position held since 1994 by Peter Ellwood, group chief executive officer of Lloyds TSB of London.

Mr. Ellwood presided over a near tripling in annual transaction volume, to $1.5 trillion, and said he had intended to step down after seeing through the transition of Malcolm Williamson as Visa CEO.

Mr. Boardman, who was recommended by Mr. Ellwood, is the first U.S. banker to hold the post since Lyman Seely of First Interstate Bank of Oregon in the early 1980s.

Mr. Boardman, a former corporate attorney with specialty in mergers and acquisitions, joined Bank One in 1984. He has been senior executive vice president since 1993 and a Visa director since 1995.

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