|Published : 18 Oct 2016, 21:15:55|
Visa CEO Charles Scharf to resign
Visa Inc said Chief Executive Charles Scharf, who orchestrated the company's reunion with its European affiliate, is stepping down and will be succeeded by former American Express Co President Alfred Kelly, reports Reuters.
Kelly, who already sits on Visa's board of directors, will take over as CEO following Scharf's resignation, which is effective December 1.
Kelly said in an interview with Reuters that he "got a front row seat to the various opportunities and issues the company faces" as a Visa board member since January 2014. "I don't come in here expecting to make a lot of big changes," he said.
Scharf said in a letter to employees that he could no longer spend the time in San Francisco necessary to do his job properly and is resigning to spend more time with his family.
Visa's shares, which have more than doubled in value under Scharf's watch, were down 1.2 per cent at $81.19 in after-market trading.
Kelly takes over at a time when Visa faces multiple challenges, including a federal appeals court decision in June to throw out a settlement with retailers that accused Visa and MasterCard Inc of improperly fixing credit and debit card fees.