The appointment of a new CFO, which Visa presaged in a February announcement, follows the elevation of a new CEO. McInerney stepped into the top post in February, after being appointed last year, and quickly began assembling his own team. He succeeded Al Kelly, who had held the CEO title for about seven years.

The Visa management changes come as the global card network company adjusts its strategy to an increasingly digital payments environment and responds to continuing pressures from regulators and lawmakers, including the reintroduction this month in Congress of a new Credit Card Competition Act.

The company will also pivot next month to adhere to a Federal Reserve edict that requires merchants have access to multiple networks for processing debit cards, even for card-not-present transactions.

Meanwhile, Visa is chasing a host of opportunities across different payment fronts, including increasing its bid to satisfy customer demand for cross-border and business-to-business services. 

Suh’s recent experience at Electronic Arts in the gaming sphere may assist Visa in developing its presence in that ecosystem, which is fast becoming a major play for payments providers. His many years at Microsoft is also likely to be a benefit in light of the blending of the payments and technology industries over the past decade as payments increasingly take a digital form and tech companies infiltrate the payments sphere.

Having experience at a global company will also come in handy. Visa is targeting worldwide expansion under McInerney’s leadership, given the CEO’s experience building the company’s presence around the world. The rise of Visa’s interest in Africa is just one example of his global ambitions.

By Lynne Marek on June 20, 2023
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