Visa Inc said Chief Executive Charlie Scharf has decided to resign, effective Dec. 1.
The company named Alfred Kelly Jr, a former president of American Express Co and a current Visa board member, as CEO.
Visa said Scharf had informed the board that he decided to resign because he could no longer spend the time in San Francisco necessary to do the job effectively.
Here's the full press release:
Visa on Wednesday named Charles W. Scharf, a former head of JPMorgan Chase's vast retail arm, as its new chief executive, as the credit card giant's current leader prepares for retirement next year.
J.P. Morgan's former head of retail banking and the current boss of its private-equity shop, Charlie Scharf, has been named CEO of Visa, effective Nov. 2.
Visa Inc. has announced that Charles W. Scharf, formerly Chief Executive Officer of Retail Financial Services for JPMorgan Chase & Co. (JPMorgan Chase), will succeed Joseph W. Saunders as Visa’s Chief Executive Officer, effective No...
Scharf said due to personal issues he cannot spend the necessary time in San Francisco headquarters