October 17, 2016Blog Posts

Visa CEO Scharf Resigns, Replaced by Ex-AmEx President Kelly

Bloomberg:

Visa Inc. Chief Executive Officer Charlie Scharf said he’s resigning from the San Francisco-based firm to be closer to family on the East Coast, passing control to board member Alfred F. Kelly and ending a tenure in which the stock doubled. Kelly, a former American Express Co. president and a White House official under Ronald Reagan, becomes CEO on Dec. 1, Visa said Monday in a statement. Scharf will serve as his adviser for several months, it said. The company’s shares slipped in extended trading after the surprise announcement.

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