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McInerney, currently the payments giant’s president, replaces Alfred Kelly Jr, who has held the CEO’s role since 2016.
The leadership change comes at a challenging time for the payments industry as analysts look towards upcoming headwinds from soaring inflation that has sapped purchasing power and ignited worries of a harsh economic downturn.
Kelly, who has been Visa (NYSE:V)’s chairman since 2019, will assume the role of executive chairman of the board following the transition.
Kelly’s tenure coincided with a boom in financial technology companies and digital lenders that offered tough competition to traditional players like Visa.
A former president at peer American Express Co (NYSE:AXP), Kelly took the helm at Visa after Charles Scharf stepped down. Scharf later went to lead Bank of New York Mellon (NYSE:BK) Corp and is currently the chief executive officer of Wells Fargo (NYSE:WFC) & Co.
Last month, Visa reported better-than-expected quarterly earnings as more Americans took advantage of a stronger dollar to fly to international destinations and splurge on shopping and entertainment.
The world’s biggest payments processor’s shares, which are down nearly 3% this year as of last close, have outperformed the benchmark S&P 500 Index.
