Visa USA to Reconfigure Board of Directors

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020466-visa-usa-to-reconfigure-board-of-director/

Visa USA Inc., the nation’s largest consumer payment system, announced Thursday that it will reconfigure its board to include a majority of independent directors.

The change comes after MasterCard Inc., the No. 2 payment system, said in August that it plans to put a majority of independent directors on its board as part of converting to a public company through an initial public offering of stock early next year.

Related newsDow Ends Up 50, Nasdaq Closes Up 16 Economy Shows Signs of Life After Storms It also comes as both card associations — controlled by the banks that issue cards on the networks — are under legal attack by merchants over the fees they charge for clearing credit card and debit card transactions.

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Visa USA to Reconfigure Board of Directors

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