Visa U.S.A. president and chief executive officer, Carl F. Pascarella, announced Thursday that he plans to retire from the San Francisco payments company in September 2005, when his current term expires.
Mr. Pascarella, who will turn 62 in December, has worked for Visa for 22 years -- 11 as chief executive of its Asia Pacific region, and 11 as head of Visa U.S.A.
“After much deliberation, however, I determined that the timing was right for the organization and for me personally,” Mr. Pascarella said in a press release. “Visa has never been stronger, and so this is an excellent time to begin a smooth and effective leadership transition.”
Visa projects record annual results for 2004. Its transaction volume eclipsed $1 trillion in 2003. During Mr. Pascarella’s tenure, Visa also posted large gains in debit card issuance and transaction processing.
Mr. Pascarella called the decision to leave a difficult one. "But running Visa is a 7 day a week, 24 hour a day job and I’d like to pursue things" outside of the organization, he said in a press conference Thursday. He said he is considering a new career in investment banking or investment management.
Chairman of the board, G. Patrick Phillips, Bank of America Corp.’s president of card services, will lead the search committee for Mr. Pascarella's replacement. Executives said Visa will look at both internal and external candidates.
Mr. Phillips said Mr. Pascarella has "left us in a position to grow."
