Last week in management changes and dispatches: Visa, Tesla

Here are the biggest management changes and dispatches from the past week, as first reported on InvestingPro+.

Visa (NYSE:) announced the appointment of Ryan McInerney as CEO, effective February 1, 2023. McInerney currently serves as President of Visa, a role he has held since 2013. He will take over as CEO from Alfred F. Kelly, Jr., who has served as the company’s CEO since 2016 and Chairman since 2019. Following McInerney’s appointment, Kelly will assume the role of Executive Chairman of the Board.

“Ryan’s challenge as a CEO during this time is that we’re in inflationary times,” Darrin Peller, managing director at Wolfe Research, told Reuters, adding that the company “will need to focus on growing profit and reducing expenses amid the uncertain economic environment,” according to Reuters.

Tesla (NASDAQ:) board member James Murdoch says CEO Elon Musk has “in the last few months identified someone as a potential successor in the role of chief executive,” Reuters has reported. The director did not provide any further details or hints as to who Tesla’s next leader may be.

Musk’s tendency to spearhead multiple global businesses at once has seen increased scrutiny and criticism from investors and analysts in recent months, with some attributing Tesla’s poor stock performance – shares are down 54% YTD, and 40% in past 2 months alone – to the loss of confidence in Musk’s ability to maintain enough focus. Murdoch told Reuters that Tesla’s audit committee is monitoring the situation at Twitter, echoing broader investor concerns.

Reuters separately reported that Musk said he “expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week.”

Amedisys (NASDAQ:), Inc. announced Thursday that CEO Chris Gerard would leave the company effective that same day. Paul Kusserow, Chairman of the Board of Directors, will serve as Chairman and CEO until a replacement is hired. Paul served as the CEO of Amedisys for seven years until early 2022. Amedisys announced that it will begin its executive search for a new CEO.

Kusserow said, “I am looking forward to returning as CEO and building on the excellent foundation we have at Amedisys.” Shares lost 6% for the week.

KeyCorp (NYSE:) announced that CFO Donald R. Kimble will retire on May 1, 2023. He will be succeeded by Clark H.I. Khayat, currently Chief Strategy Officer.

CEO Christopher Gorman said, “Don is a highly respected leader both inside and outside our company, using his expertise to help shape our strategy and position Key for sound, profitable growth. On a personal note, I want to thank Don for his tireless commitment, sound judgement, and steadfast leadership.” Shares were down 5.4% for the week.

Vlad Schepkov and Reuters contributed to this article.

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