Visa CEO steps down, former AmEx exec is named successor

AP News
Posted: Oct 17, 2016 7:16 PM

SAN FRANCISCO (AP) — Visa says CEO Charlie Scharf is resigning in December after four years leading the company. He says that running a company based in San Francisco is difficult for his personal life. His extended family is based on the East Coast.

Visa Inc. on Monday named current board member Alfred Kelly Jr. as its president and CEO. He is the former president of American Express Co.

Kelly will join Visa on Oct. 31, and Scharf will advise him for several months.

In June, Visa completed the purchase of its sister company, Visa Europe, in a deal worth over $23 billion, consolidating Visa's position as the world's largest payment processing company.

Banning Straws
John Stossel

Visa shares closed down 30 cents at $82.15. The stock dipped 1.4 percent in after-hours trading.


This story has been corrected to show that Scharf is based in San Francisco but his extended family is based on the East Coast.