Remember Charlie Scharf? He's the former CEO of Visa (V) , serving from November 2012 until the end of 2016. During his tenure, shares of Visa rallied some 125%. Prior to Visa, Scharf learned from the best, working directly under Jamie Dimon, the coveted banking executive with JPMorgan (JPM) .
Now, though, Scharf is headed to Bank of New York Mellon (BK) . He will begin serving as CEO immediately, and will also add chairman to his role starting on Jan. 1, TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment.
Shares of BK are up a little less than 1% in early Monday trading and are now up 11.5% on the year. It's been outperforming and the addition of Scharf is significant, Cramer noted.
"I happen to think that Charlie Scharf is one of the most forward-looking CEOs," he reasoned, "not just in banking, but anywhere." He's not just a smart guy either, Scharf's a tough negotiator, Cramer added.
A lot of people questioned Scharf when he stepped down as the Visa CEO, citing time with his family as a major driver in that decision. His family is located on the East Coast, while Visa is headquartered on the West Coast.
He also pointed out that Trian Partners has a large position in Bank of New York Mellon. One would think they are excited by the arrival of Scharf, Cramer said. Scharf has uncanny vision and is very in-tune with what's going on in technology, how it impacts the banking business and how it can improve business as well, he concluded.
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