Visa CEO Charlie Scharf to resign

Features Reuters

  • Traders work on the floor by the post that trades TimeWarner and Visa at the New York Stock Exchange, February 14, 2013. REUTERS/Brendan McDermid

    Traders work on the floor by the post that trades TimeWarner and Visa at the New York Stock Exchange, February 14, 2013. REUTERS/Brendan McDermid (Copyright Reuters 2016)

  • Traders work on the floor by the post that trades TimeWarner and Visa at the New York Stock Exchange, February 14, 2013. REUTERS/Brendan McDermid

    Traders work on the floor by the post that trades TimeWarner and Visa at the New York Stock Exchange, February 14, 2013. REUTERS/Brendan McDermid (Copyright Reuters 2016)

Visa Inc said Chief Executive Charlie Scharf has decided to resign, effective Dec. 1.

Continue Reading Below

The company named Alfred Kelly Jr, a former president of American Express Co and a current Visa board member, as CEO.

Visa said Scharf had informed the board that he decided to resign because he could no longer spend the time in San Francisco necessary to do the job effectively.

(Reporting by Anya George Tharakan in Bengaluru)