Visa CEO Charles Scharf to resign, ex-AmEx president to take over
<p><span word="Visa">Visa</span> <span word="Inc">Inc</span> (<span word="V">V</span>.<span word="N">N</span>) <span word="said">said</span> <span word="Chief">Chief</span> <span word="Executive">Executive</span> <span word="Charles">Charles</span> <span word="Scharf">Scharf</span>, <span word="who">who</span> <span word="orchestrated">orchestrated</span> <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="reunion">reunion</span> <span word="with">with</span> <span word="its">its</span> <span word="European">European</span> <span word="affiliate">affiliate</span>, <span word="is">is</span> <span word="stepping">stepping</span> <span word="down">down</span> <span word="and">and</span> <span word="will">will</span> <span word="be">be</span> <span word="succeeded">succeeded</span> <span word="by">by</span> <span word="former">former</span> <span word="American">American</span> <span word="Express">Express</span> <span word="Co">Co</span> (<span word="AXP">AXP</span>.<span word="N">N</span>) <span word="President">President</span> <span word="Alfred">Alfred</span> <span word="Kelly">Kelly</span>.</p><p><span word="Kelly">Kelly</span>, <span word="who">who</span> <span word="already">already</span> <span word="sits">sits</span> <span word="on">on</span> <span word="Visa">Visa</span>'<span word="s">s</span> <span word="board">board</span> <span word="of">of</span> <span word="directors">directors</span>, <span word="will">will</span> <span word="take">take</span> <span word="over">over</span> <span word="as">as</span> <span word="CEO">CEO</span> <span word="following">following</span> <span word="Scharf">Scharf</span>'<span word="s">s</span> <span word="resignation">resignation</span>, <span word="which">which</span> <span word="is">is</span> <span word="effective">effective</span> <span word="Dec">Dec</span>. 1.</p><p><span word="Kelly">Kelly</span> <span word="said">said</span> <span word="in">in</span> <span word="an">an</span> <span word="interview">interview</span> <span word="with">with</span> <span word="Reuters">Reuters</span> <span word="that">that</span> <span word="he">he</span> "<span word="got">got</span> <span word="a">a</span> <span word="front">front</span> <span word="row">row</span> <span word="seat">seat</span> <span word="to">to</span> <span word="the">the</span> <span word="various">various</span> <span word="opportunities">opportunities</span> <span word="and">and</span> <span word="issues">issues</span> <span word="the">the</span> <span word="company">company</span> <span word="faces">faces</span>" <span word="as">as</span> <span word="a">a</span> <span word="Visa">Visa</span> <span word="board">board</span> <span word="member">member</span> <span word="since">since</span> <span word="January">January</span> 2014.</p><p><span word="Scharf">Scharf</span> <span word="has">has</span> <span word="been">been</span> <span word="CEO">CEO</span> <span word="since">since</span> <span word="November">November</span> 2012, <span word="after">after</span> <span word="working">working</span> <span word="with">with</span> <span word="JPMorgan">JPMorgan</span> <span word="Chase">Chase</span> & <span word="Co">Co</span>'<span word="s">s</span> (<span word="JPM">JPM</span>.<span word="N">N</span>) <span word="retail">retail</span> <span word="banking">banking</span> <span word="business">business</span> <span word="and">and</span> <span word="its">its</span> <span word="private">private</span> <span word="equity">equity</span> <span word="arm">arm</span>.</p><p>"<span word="He">He</span> <span word="has">has</span> <span word="helped">helped</span> <span word="transform">transform</span> <span word="Visa">Visa</span> .. <span word="into">into</span> <span word="a">a</span> <span word="technology">technology</span>-<span word="driven">driven</span> <span word="digital">digital</span> <span word="commerce">commerce</span> <span word="company">company</span> <span word="and">and</span> <span word="has">has</span> <span word="led">led</span> <span word="a">a</span> <span word="strategy">strategy</span> <span word="that">that</span> <span word="will">will</span> <span word="benefit">benefit</span> <span word="this">this</span> <span word="company">company</span> <span word="for">for</span> <span word="years">years</span> <span word="to">to</span> <span word="come">come</span>," <span word="Robert">Robert</span> <span word="Matschullat">Matschullat</span>, <span word="the">the</span> <span word="company">company</span>'<span word="s">s</span> <span word="independent">independent</span> <span word="chairman">chairman</span>, <span word="said">said</span> <span word="in">in</span> <span word="a">a</span> <span word="statement">statement</span>.</p><p><span word="Kelly">Kelly</span> <span word="is">is</span> <span word="also">also</span> <span word="the">the</span> <span word="CEO">CEO</span> <span word="of">of</span> <span word="Intersection">Intersection</span> <span word="Co">Co</span>, <span word="a">a</span> <span word="firm">firm</span> <span word="partly">partly</span> <span word="owned">owned</span> <span word="by">by</span> <span word="Sidewalk">Sidewalk</span> <span word="Labs">Labs</span>, <span word="an">an</span> <span word="Alphabet">Alphabet</span> <span word="Inc">Inc</span> (<span word="GOOGL">GOOGL</span>.<span word="O">O</span>) <span word="company">company</span>.</p><p>"<span word="I">I</span> <span word="don">don</span>'<span word="t">t</span> <span word="come">come</span> <span word="in">in</span> <span word="here">here</span> <span word="expecting">expecting</span> <span word="to">to</span> <span word="make">make</span> <span word="a">a</span> <span word="lot">lot</span> <span word="of">of</span> <span word="big">big</span> <span word="changes">changes</span>," <span word="he">he</span> <span word="said">said</span>.</p><p><span word="Scharf">Scharf</span> <span word="said">said</span> <span word="in">in</span> <span word="a">a</span> <span word="letter">letter</span> <span word="to">to</span> <span word="employees">employees</span> <span word="that">that</span> <span word="he">he</span> <span word="could">could</span> <span word="no">no</span> <span word="longer">longer</span> <span word="spend">spend</span> <span word="the">the</span> <span word="time">time</span> <span word="in">in</span> <span word="San">San</span> <span word="Francisco">Francisco</span> <span word="necessary">necessary</span> <span word="to">to</span> <span word="do">do</span> <span word="his">his</span> <span word="job">job</span> <span word="properly">properly</span> <span word="and">and</span> <span word="is">is</span> <span word="resigning">resigning</span> <span word="to">to</span> <span word="spend">spend</span> <span word="more">more</span> <span word="time">time</span> <span word="with">with</span> <span word="his">his</span> <span word="family">family</span>.</p>
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