Visa Board Appoints Matschullat Chairman as Saunders Retires

Visa Inc. (V)’s board of directors named Robert W. Matschullat as independent, non-executive chairman of the world’s largest payments network.

Matschullat’s appointment, which takes effect April 1, follows the retirement of Executive Chairman Joseph W. Saunders, the Foster City, California-based company said in a statement distributed by Business Wire. Matschullat, a former chairman of Clorox Co., has been a Visa director since 2007, according to the statement.

Matschullat “possesses a wealth of experience in global consumer products and corporate finance that has been of great benefit to the board and the company,” Saunders said in the statement.

To contact Bloomberg News staff for this story: Nathaniel Espino in Beijing at nespino@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net