Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
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.
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.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
