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.