Visa Shares Decline As CEO Scharf Resigns

Visa Inc. shares declined in the extended session Monday after the credit-card company said Chief Executive Charlie Scharf is resigning, effective Dec. 1. Visa shares declined 1.8% to $80.69 after hours. The credit-card company said it tapped board member Alfred Kelly, a former president of American Express Co. , to succeed Scharf. In a statement, Visa said Scharf could "no longer spend the time in San Francisco necessary to do the job effectively." The company said Scharf will serve as an advisor to Kelly for several months.