Visa’s Pollitt to Retire as Financial Chief Within 12 Months

Jun 03, 2014 11:22 am ET

(Updates with management team starting in third paragraph.)

June 3 (Bloomberg) -- Visa Inc. Chief Financial Officer Byron H. Pollitt Jr., who joined the biggest bank-card network the year before its 2008 IPO, will retire within the next 12 months.

Pollitt, 62, who has been CFO for seven years, will assist in the search for a successor and in the transition, Foster City, California-based Visa said today in a regulatory filing.

Pollitt’s retirement will leave four executives remaining on the company’s management team from before its initial public offering: Antonio Lucio, chief brand officer; Jim McCarthy, head of innovation and strategic partnership; Ellen Richey, chief legal and risk officer; and head of corporate strategy Bill Sheedy.

Elizabeth Buse, 53, who previously ran most of the firm’s international business, retired in March after more than 16 years at the company.

Pollitt previously served as CFO at Gap Inc. and Walt Disney Co. and is a graduate of the University of California Riverside and Harvard Business School. He received total compensation of about $7.6 million in 2013, which included stock awarded in prior years, according to a regulatory filing.

Kelly Mahon Tullier, a senior vice president at PepsiCo Inc., will join as general counsel and a member of the firm’s executive committee in October, Visa said in April. Former General Counsel Josh Floum left last year to return to private practice and was replaced on an interim basis by Richey, the company said in December.

Visa fell 0.9 percent to $211.65 at 10:10 a.m. in New York and has slid 4.8 percent this year. The shares have increased almost fivefold since the company went public.

Paul Cohen, a spokesman for Visa, declined to elaborate on Pollitt’s retirement or the firm’s succession plans.