Visa’s finance chief Vasant Prabhu to leave payments giant

VISA said on Thursday (Feb 16) its chief financial officer, Vasant Prabhu, will leave the company on Sep 30, after eight years as one of the top executives at the payments giant.

Prabhu, who joined the company in 2015, will assist the company with the search for and the onboarding of his replacement.

In November, the world’s largest payments processor had also named its president, Ryan McInerney, as its new chief executive officer to steer the company through a challenging period for the payments industry as consumers tighten their spending.

Sharply higher prices for everyday goods have squeezed consumers in recent months, clouding the outlook for payments companies for 2023.

In the backdrop of a tumultuous economy, revenue growth at Visa continued to wind back to pre-pandemic levels in the first-quarter as the post-lockdown travel craze ebbed and consumer spending slowed.

Prabhu will also step down from his role as the vice-chair of Visa. REUTERS