Visa CEO Charles Scharf to resign

A Visa logo is seen on a Formula E racing car during a news conference to present the partnership between Enel Group and FIA Formula E Championship at the MAXXI National Museum in Rome, Italy May 17, 2016 REUTERS/Alessandro Bianchi·Reuters

Reuters

Mon, Oct 17, 2016, 5:18 PM

(Reuters) - Visa Inc (V.N) said on Monday that Chief Executive Charles Scharf, who orchestrated the company's reunion with its European affiliate, would step down on Dec. 1.

Visa's shares, which have more than tripled in value under Scharf's watch, were down 1.8 percent at $80.70 in after-market trading.

San Francisco-based company named Alfred Kelly, a former president of American Express Co (AXP.N) 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.

Known as Charlie, Scharf succeeded Joseph Saunders as CEO in November 2012 after working with JPMorgan Chase & Co's (JPM.N) retail banking business and its private equity arm.

Scharf has helped transform Visa into a "technology-driven digital commerce company and has led a strategy that will benefit this company for years to come," said Robert Matschullat, Visa's independent chairman.

Visa closed its deal for former unit Visa Europe in June. The deal was valued at as much as $23.3 billion when it was announced in November.

(Reporting by Anya George Tharakan and Sudarshan Varadhan in Bengaluru; Editing by Maju Samuel)

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Visa CEO Charles Scharf to resign

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