Visa CEO Charlie Scharf resigns

Charlie Scharf has this week announced his resignation from the post of Visa’s chief executive officer. It come into effect on December 1st 2016. 

In a statement Visa said:

Mr. Scharf informed the board of directors that he decided to resign his position as CEO and board member because he could no longer spend the time in San Francisco necessary to do the job effectively.

Following the resignation, the company’s board of directors “unanimously voted” to appoint Alfred F. Kelly, Jr. as CEO. Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.

“The board of directors is extremely grateful for Charlie’s leadership and wishes to thank him for his outstanding four-year tenure, which saw total shareholder return increase by more than 130%, outperforming both the overall stock market and our peer group,” said Robert W. Matschullat, the company’s independent chairman.

Kelly will join the company on October 31, 2016 as CEO designate. As part of the transition, Mr. Scharf will serve as an advisor to Mr. Kelly beginning December 1, 2016 for several months.

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