Former Schwab Exec Succeeds Long-Time Visa Chief Pascarella

Visa U.S.A. today named John Philip Coghlan, 54, as its new president and chief executive officer, effective immediately. The former Charles Schwab & Co. Inc. executive succeeds long-time Visa chief Carl F. Pascarella, who announced last summer his intention to step down by September (Digital Transactions News, July 16, 2004). Coghlan spent 17 years at Schwab, where, after more than a decade as president of the discount broker's institutional business, he had responsibility for its retail network of 390 offices. He was also a member of the executive committee of Schwab. Before coming to Schwab, he founded San Francisco Grocery Express Ltd., a catalog-based grocery-delivery business. Pascarella leaves Visa U.S.A. after 12 years at its helm. Visa officials today credited him with changing Visa's focus from credit cards to electronic transactions more broadly conceived. Specifically, Pascarella is given credit for leading Visa into the market for debit cards, which today account for 64% of all Visa transactions, up from 7% when he took over in 1993. Last year, total dollar volume on all Visa cards jumped 19.1%, to a record $1.045 trillion. Pascarella's successor gives indications he will build on the broader payments strategy. “Despite the tremendous inroads made by electronic payments, today cash and checks continue to dominate many markets, leaving us with plenty of opportunities for growth,” Coghlan said today in a statement.