Visa Discloses CEO’s Compensation
Visa’s new Chief Executive Officer, Charles Scharf, will receive $950,000 per year in salary as well as $19 million in restricted stock and stock options, according to the regulatory filing.
The 47-year-old Scharf took over the CEO post for the world’s largest payment network on November 1. He was previously the CEO of Retail Financial Services for JPMorgan Chase. He was a director of Visa global payment business from the time of its initial public offering in 2007 through January 2011.
Visa will also reimburse Mr. Scharf up to $10,000 per month for the cost of temporary housing and related expenses through June 30, 2013. In addition, Visa will pay for the cost of 12 first-class round-trip flights between the San Francisco Bay Area and New York for Mr. Scharf and his family during that period.
Joseph Saunders, the former CEO of Visa, received a $9.7 million pay package for the 2012 fiscal year when he retired last month. He received $11.8 million in compensation for fiscal year 2011. Saunders, who had been the CEO since 2007, will serve as the company’s executive chairman through March 31, 2013.
The information contained within this article was accurate as of December 17, 2012. For up-to-date
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