Visa's board of directors has appointed Alfred Kelly to
succeed outgoing CEO and board member Charlie Scharf, who has resigned
effective Dec. 1. Kelly will join the company on Oct. 31 as CEO designate.
Scharf will advise him for "several months" after his resignation
takes effect, according to Visa.
Kelly is president and CEO of Intersection Co., a technology
and media company serving the public sector. He also is a Visa board member and
previously served as president of American Express.
Scharf resigned because he can no longer
"spend the time in San Francisco necessary to do the job
effectively," according to Visa. In the four years that Scharf led the
company, shareholder return increased more than 130 percent and Visa opened its
network up to developers, partnered with technology companies to produce new
payment technologies and improved payment security, according to Visa.