This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Visa Announces CEO Succession Plan, Charles W. Scharf To Become Chief Executive Officer; Joseph W. Saunders To Serve As Executive Chairman

Visa Inc. (NYSE: V) today announced that the company’s Board of Directors has elected Charles W. Scharf, formerly Chief Executive Officer of Retail Financial Services for JPMorgan Chase & Co. (JPMorgan Chase), to succeed Joseph W. Saunders as Visa’s Chief Executive Officer, effective November 1, 2012. Mr. Scharf is a former director of Visa Inc. (and its predecessor Visa U.S.A). Mr. Saunders, who has served as the company’s CEO since 2007, will continue his duties as executive chairman of the company during the period of his employment, which extends to March 31, 2013. After Mr. Saunders retires, the Board intends to appoint a new non-executive independent chairperson. The Board has also expanded from 10 to 11 directors, and Mr. Scharf has been appointed a director, effective November 1, 2012.

Mr. Scharf is currently Managing Director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase. He previously spent nine years at JPMorgan Chase and its predecessors as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase’s six lines of business, and a major issuer of Visa branded cards. The business generated revenue of $30 billion annually with 130,000 employees. He was previously Chief Financial Officer of Bank One from 2000 to 2002 and spent 13 years at Citigroup and its predecessor companies, serving as Chief Financial Officer for Citigroup’s Global Corporate and Investment Bank prior to joining Bank One. He served on the Board of Visa U.S.A. from 2003 to 2007 and the Visa Inc. Board from 2007 to January 2011.

“It has been a pleasure and an honor to lead Visa through its transition to public listing,” said Mr. Saunders. “Over the past five years, we have put the company on a clear path towards continued long-term growth. We have executed on our strategy to grow our core business, expand internationally and innovate to evolve our offerings to meet rapidly changing market conditions. This has allowed us to deliver value to our clients and investors.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs