Visa Inc. Names Alfred Kelly, Jr. CEO - Quick Facts

(RTTNews) - Visa Inc. (V) announced that Charlie Scharf is resigning as chief executive officer and board member because he could no longer spend the time in San Francisco necessary to do the job effectively. The board has unanimously voted to appoint Alfred Kelly, Jr. as CEO. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.

The succession will be effective December 1, 2016. Kelly will join the company on October 31, 2016 as CEO designate. Scharf will serve as an advisor to Kelly beginning December 1, 2016 for several months.

In his 23 years at American Express, Kelly held a variety of leadership positions. In addition to being president of American Express, he was head of the Global Consumer and Consumer Card Services groups. He currently serves on the board of MetLife Inc.