Visa CEO Charles Scharf Is Stepping Down Effective Dec. 1

Visa Inc. said Chief Executive Officer Charles Scharf is resigning his post after advising the board that he can no longer spend enough time in San Francisco "to do the job effectively."

The San Francisco-based payments network said Mr. Scharf will be replaced by Alfred Kelly, 58, a member of Visa's board and a former president at American Express Co. In an interview, Mr. Scharf said his departure is connected to a need to be closer to his family in New York.

"I think to do this job properly you need to be committed to spending the appropriate amount of time in San Francisco. Given my personal situation, I don't feel that I can do that right now," he said.

Mr. Scharf, 51 years old, took the helm of Visa in November 2012 after spending most of his career in the banking industry, including a seven-year stint running the enormous retail-banking division of J.P. Morgan Chase & Co. During Mr. Scharf's tenure, Visa's stock generated a total return including dividends of 144% versus 64% for the S&P 500.

The payments industry has expanded aggressively into digital channels during Mr. Scharf's time at Visa. He also has had to navigate an often-tense relationship with some of the nation's largest merchants, including Wal-Mart Stores Inc.

Last year, Visa bought its European counterpart Visa Europe for more than $20 billion in a long-awaited deal that brought the payment network's global operations under one roof.

Write to Robin Sidel at [e-mail]

(END) Dow Jones Newswires

October 17, 2016 16:55 ET (20:55 GMT)

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