Payments giant Visa has named Alfred Kelly, Jr., a current Visa board member, as its new CEO.
Kelly will replace Charlie Scharf, who is resigning as CEO, effective 1 December 2016. Kelly is the president and CEO of Intersection Co. and the former president of American Express (Amex).
As per the succession plan, Kelly will join the company on 31 October 2016 as CEO designate while Scharf will act as an advisor to Kelly starting 1 December 2016 for several months.
Visa independent chairman Robert Matschullat said: “Charlie has been a visionary CEO, highly successful by any set of metrics. He has helped transform Visa, the leading global payments technology company, into a technology-driven digital commerce company and has led a strategy that will benefit this company for years to come.
“The board of directors is extremely grateful for Charlie’s leadership and wishes to thank him for his outstanding four-year tenure, which saw total shareholder return increase by more than 130%, outperforming both the overall stock market and our peer group.”
During his 23-year tenure at Amex, Kelly assumed many management roles, including president of Amex and head of the global consumer and consumer card services groups. At present, he serves on the board of directors of MetLife.