Visa CEO Charles Scharf Is Stepping Down Effective Dec. 1
18 October 2016 - 8:10AM
Dow Jones News
Visa Inc. said Chief Executive Officer Charles Scharf is
resigning his post after advising the board that he can no longer
spend enough time in San Francisco "to do the job effectively."
The San Francisco-based payments network said Mr. Scharf will be
replaced by Alfred Kelly, 58, a member of Visa's board and a former
president at American Express Co. In an interview, Mr. Scharf said
his departure is connected to a need to be closer to his family in
New York.
"I think to do this job properly you need to be committed to
spending the appropriate amount of time in San Francisco. Given my
personal situation, I don't feel that I can do that right now," he
said.
Mr. Scharf, 51 years old, took the helm of Visa in November 2012
after spending most of his career in the banking industry,
including a seven-year stint running the enormous retail-banking
division of J.P. Morgan Chase & Co. During Mr. Scharf's tenure,
Visa's stock generated a total return including dividends of 144%
versus 64% for the S&P 500.
The payments industry has expanded aggressively into digital
channels during Mr. Scharf's time at Visa. He also has had to
navigate an often-tense relationship with some of the nation's
largest merchants, including Wal-Mart Stores Inc.
Last year, Visa bought its European counterpart Visa Europe for
more than $20 billion in a long-awaited deal that brought the
payment network's global operations under one roof.
Write to Robin Sidel at robin.sidel@wsj.com
(END) Dow Jones Newswires
October 17, 2016 16:55 ET (20:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Walmart (NYSE:WMT)
Historical Stock Chart
From Apr 2024 to May 2024
Walmart (NYSE:WMT)
Historical Stock Chart
From May 2023 to May 2024