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23 February 2024

Visa chief received US$17.3 million pay packet in 2008

The chairman and chief executive of Visa Inc. received compensation valued at about US$17.3 million in 2008, a year in which the credit card processor staged the largest initial public offering in history. His pay was up 56 per cent from 2007.

According to a filing with the Securities and Exchange Commission on Tuesday, Joseph W. Saunders received a base salary of US$950,009 and a cash bonus of US$1.9 million. Saunders also received non-equity incentive compensation worth about US$2.8 million. The bulk of Saunders’ pay package was in the form of restricted stock and option awards valued at US$11.5 million on the days they were granted.

The Associated Press calculations of total pay include executives’ salary, bonus, incentives, perks, and the estimated value of stock options and awards granted during the year.