Visa Inc 8-K, filed Oct 11, 2022
Visa Inc. (V)
8-K
2022-10-11
For: 2022-10-07
View Original
Added on
April 02, 2026
About this 8-K
Visa Inc filed this 8-K on October 11, 2022, reporting on events of October 7, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 7, 2022
(Exact name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (650 ) 432-3200
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 7, 2022, the board of directors (the "Board") of Visa Inc. (the "Company"), upon the recommendation of the Board's Nominating and Corporate Governance Committee, increased the size of the Board from 11 to 12 members and appointed Kermit R. Crawford to the Board, effective October 7, 2022, for a term that will expire at the Company's 2023 Annual Meeting of Stockholders. A press release announcing Mr. Crawford's appointment to the Board is attached as Exhibit 99.1 and is incorporated by reference.
The Board determined that Mr. Crawford is an independent director within the meaning of the New York Stock Exchange listing standards. Mr. Crawford has also been appointed to the Board's Audit and Risk Committee and Nominating and Corporate Governance Committee, effective January 1, 2023. There are no arrangements or understandings between Mr. Crawford and any other persons pursuant to which he was selected as a director. There are no transactions involving the Company and Mr. Crawford that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.
Mr. Crawford will receive compensation for his Board and committee service in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described in the Company’s definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 2, 2021.
The Company will enter into an indemnification agreement with Mr. Crawford. Such form of indemnification agreement was included as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on January 31, 2020, and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| Press Release issued by Visa Inc. dated October 11, 2022 | ||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VISA INC. | |||||||||||||||||
| Date: | October 11, 2022 | By: | /s/ Alfred F. Kelly, Jr. | ||||||||||||||
| Alfred F. Kelly, Jr. Chairman and Chief Executive Officer | |||||||||||||||||
EXHIBIT 99.1
NEWS RELEASE
| Visa Inc. Appoints Kermit R. Crawford to its Board of Directors | ||||||||||||||
San Francisco, CA, October 11, 2022 - Visa Inc. (NYSE: V) announced today that Kermit R. Crawford was appointed to its board of directors, effective October 7, 2022.
Mr. Crawford was president and chief operating officer of Rite Aid Corporation from October 2017 until March 2019. Prior to joining Rite Aid, he served as an operating partner and advisor with private equity firm, Sycamore Partners, from July 2015 to February 2017. He also served in various senior leadership roles, including as executive vice president and president of Pharmacy, Health and Wellness at Walgreens Boots Alliance from 1983 to 2014. Mr. Crawford also serves on the boards of directors of C.H. Robinson Worldwide and The Allstate Corporation.
“I am pleased to welcome Kermit to Visa’s board of directors,” said Al Kelly, Chairman and Chief Executive Officer of Visa Inc. “Kermit is a seasoned executive with over 30 years of leadership and operating experience with consumer and retail companies that will be invaluable to Visa. He will provide the board with a deep understanding of consumer experiences and insights, as well as extensive experience in business strategy, risk and financial management, and corporate governance."
This appointment brings Visa’s total board of directors to 12 members. You can view information on Visa Inc.’s board of directors on our investor relations website: investor.visa.com/corporate-governance/board-of-directors/
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About Visa Inc.
Visa Inc. (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational for the future of money movement. Learn more at Visa.com.
Contacts:
Investor Relations
Jennifer Como, +1 650-432-7644, InvestorRelations@visa.com
Media Relations
Andy Gerlt, +1 650-432-2990, Press@visa.com