After nearly eight years, Visa’s European operations are under new leadership, with Antony Cahill stepping in as Regional President and CEO.
He will succeed Charlotte Hogg, who is set to become CEO of Alter Domus, a fund administration and financial services firm based in Luxembourg. Cahill will assume the role from the start of June.
During her tenure, Hogg significantly increased Visa’s revenue and strengthened the company’s market share across key European regions. She also led initiatives to expand the company’s workforce, according to Visa Europe Limited Board Chair Debbie Hewitt.
“We are grateful to Charlotte for all she has done to advance our business in Europe,” said Visa CEO Ryan McInerney.
“With Antony’s experience in the region, deep understanding of the diversity and complexity of our markets and strong relationships with our partners, he is uniquely qualified to lead Visa Europe.”
Cahill’s leadership credentials stem from his tenure as Deputy CEO for Europe under Hogg, where he oversaw Visa’s client relationships across 38 European markets.
Beyond Visa, he has experience from his time as Chief Operating Officer at National Australia Bank (NAB), where he held senior roles for eight years, and his 12-year tenure at the Australia and New Zealand Banking Group (ANZ).
A seasoned leader
Hogg recently expressed gratitude to her colleagues and clients, emphasising her pride in Visa’s contributions to Europe’s payments landscape.
On LinkedIn, she stated: “I look forward to seeing Visa’s continued success under Antony Cahill’s leadership. That said, I’m excited about bringing all I’ve learned throughout my career to Alter Domus.”
Alter Domus specialises in private equity, real estate, and private debt fund services, offering solutions to institutional investors worldwide. Hogg’s appointment signals a strong commitment to technological innovation and client service, two areas she championed during her time at Visa.
Her transition into fund administration marks a shift, but with her extensive background in financial strategy, spanning Morgan Stanley, Santander UK, Experian and the Bank of England, she is well-positioned to lead Alter Domus into its next phase of growth.
Challenges ahead for Visa Europe
While Hewitt acknowledged Cahill takes the helm of a “healthy, thriving” business from Hogg, there are challenges he will have to take on.
One being the rising threat of fintechs challenging the payments space. Despite Mastercard remaining Visa’s main competitor, payments firms such as Wero are seeing increasing success.
This is partly driven by European regulators seeking to dismantle the duopoly that Visa and Mastercard have on the continent’s payments space. The continent wants to ensure there is a European competitor and offer more choices to consumers.
Christine Lagarde, President of the European Central Bank (ECB), recently spoke about Europe’s overreliance on US and Chinese payment firms in the midst of an ongoing trade war between the two nations.
Lagarde highlighted the influence US card processing networks such as Mastercard and Visa have on European consumers.
Furthermore, in the UK, the Payment Systems Regulator has also taken aim at Visa and Mastercard, intensifying efforts to increase the use of alternative payment methods in a bid to move away from card transactions.
Payment Expert has approached Visa for comment to find out more about Cahill’s plans in his new role.
