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Visa CEO Charles Scharf resigns

Charles ScharfVisa Inc. announced that Charlie Scharf is resigning as chief executive officer and it has voted to appoint Alfred F. Kelly, Jr. as CEO.
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READ MORE Visa announces CEO succession plan

Mr. Scharf has served as Chief Executive Officer and a director of Visa Inc. since November 1, 2012.

Previously, Mr. Scharf was a Managing Director of One Equity Partners, the private investment arm of JPMorgan Chase & Co. From July 2004 to June 2011, Mr. Scharf served as Chief Executive Officer of Retail Financial Services of JPMorgan Chase & Co..

From May 2002 to July 2004, he served as Chief Executive Officer of the retail division of Bank One Corporation prior to Bank One’s merger with JP Morgan Chase.

Mr. Scharf also served as Chief Financial Officer of Bank One Corporation from 2000 to 2002, Chief Financial Officer of the Global Corporate and Investment Bank division at Citigroup, from 1999 to 2000, and Chief Financial Officer of Salomon Smith Barney, an investment bank, and its predecessor company from 1995 to 1999.

He served as a director of Travelers Property Casualty Corporation from September 2002 to September 2005 and also was a director of Visa Inc. from October 2007 to January 2011 and a director of Visa U.S.A. from February 2003 to October 2007.

He currently serves as a director of Microsoft Corporation.

Mr. Scharf holds a Bachelor of Arts degree from Johns Hopkins University and a Master of Business Administration degree from New York University.

Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.

In his 23 years at American Express, Mr. Kelly held a variety of leadership positions. In addition to being president of American Express, he was head of the Global Consumer and Consumer Card Services groups.

He currently serves on the board of directors of MetLife Inc.

Over the course of his career, Mr. Kelly has worked in industry-leading companies within the financial services, travel and leisure, and consumer products industries.

Before becoming CEO of Intersection, he was a managing advisor at TowerBrook Capital Partners LP. He led numerous groups at American Express Co.

Between 1987 and 2010, including the Global Consumer Group, the Consumer Card Services Group, OPEN from American Express, Consumer Travel, Global Travelers Cheques and Prepaid Services, US Customer Service, and Global Risk Management and Interactive Services.

Mr. Kelly joined the board of Visa in 2014 as an independent director and is also presently a director of MetLife Inc.

Mr. Kelly also worked at the White House from 1985-1987 as manager of information systems and at PepsiCo from 1981 to 1985 in strategic planning.

He received a bachelor's degree as well as an MBA from Iona College.

As part of the transition, Mr. Scharf will serve as an advisor to Mr. Kelly beginning December 1, 2016 for several months.

The succession will be effective December 1, 2016, when Mr. Scharf will step down and Mr. Kelly will assume the CEO position.

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