Visa recently announced that Charlie Scharf is stepping down from Chief Executive Office at the San Francisco-based company. He informed the board of directors about his plan to resign in mid-September.
According to Scharf, the decision is an entirely personal one that makes way for more time with his family on the East Coast. The resignation is effective December 1, 2016.
For the Family
Charlie Scharf said that he loves working for the global company, but running it from its San Francisco headquarters doesn’t work for him personally anymore. Furthermore, he said he will do everything he can to make the transition as easy as possible for the next CEO as well as for everyone else.
Robert W. Matschullat, Visa’s independent chairman, shared how grateful the board of directors was for Scharf’s leadership as a visionary CEO. Furthermore, they thanked him for an outstanding four-year tenure. It “saw total shareholder return increase by more than 130%, outperforming both the overall stock market and our peer group.”
Scharf is resigning from Visa’s Chief Executive Office because he can no longer spend the time needed in San Francisco for the job. But as a board member of the Seattle-based Microsoft, he will remain in position.
The Next CEO
Visa’s board of directors appointed Alfred Kelly Jr as the next CEO. Apart from being a current Visa board member himself, Kelly is the president and CEO of Intersection Co. He is also a former president of American Express Co.
Unanimously voted for the position, he expressed his excitement about taking on the role:
“I am extremely excited and honored to take on this role and build on Charlie’s work and that of all of the employees at Visa. Visa is incredibly well positioned for continued success, and I look forward to joining this preeminent global organization.”
Kelly also looks forward to working with the company as its CEO.
“I have had the pleasure of getting to know many of the Visa executives during my time on the board, and they are a talented group of business leaders who have been relentlessly focused on driving Visa’s global strategy. I look forward to working with them, including Ryan McInerney, Visa’s President, in serving our clients,” he said.
The succession is effective December 1, 2016. Charlie Scharf will step down as CEO and Alfred Kelly Jr will assume the position. As part of the transition, Scharf will serve as an advisor to the incoming CEO for several months.