Alfred Kelly, CEO of Visa set to retire

Visa Inc. said that Alfred Kelly will step aside as CEO, effective February, and become executive chairman of its board. Ryan McInerney, the company’s longtime President will take over as the new CEO.

Kelly’s time atop the card giant, which began in 2016, overlapped with a continuing shift to digital payments as more consumers pay with cards, a process that further accelerated during the COVID-19 pandemic.

During his tenure as CEO, Visa, which is the largest card network in the US, also further expanded its focus on other payment flows. These include helping move money over its network without the use of cards, including transactions the involve businesses and governments.

Visa’s importance in the global payments system was highlighted when Russia invaded Ukraine earlier in 2022. Visa and other payments companies were called on to shut off payments in Russia as part of a wider effort to block the country from the Western financial system.

During Kelly’s CEO tenure, Visa’s market value more than doubled and the company is now worth over $400 billion. While the shares have lost nearly 4% during this year’s market tumult, they have fared far better than broader markets that are down by double digits.

McInerney has been Visa’s president since 2013. In that role, he has been responsible for the card giant’s global businesses as well as its relationships with merchants, banks, fintech firms, and other entities. Visa is yet to name a new president.