In July, Carl F. Pascarella, who has served as President and CEO of Visa USA since August 1993, announced his decision not seek another term when his contract expires in September 2005. The Visa USA Board, which ultimately selects the new CEO, approved Pascarellas transition plan and formed a search committee to identify his replacement. G. Patrick Phillips, president of Card Services for Bank of America and Chairman of the Visa USA Board of Directors, leads the search committee.
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