Visa has appointed former JPMorgan executive Charles Scharf as its chief executive, beginning in November.
He succeeds Joseph Saunders, who will continue to serve as executive chairman until his retirement in March 2013. Visa’s board will then appoint a new non-executive independent chairperson.
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Charles Scharf has served as chief executive at JPMorgan’s retail financial services division for almost ten years, before moving to the bank’s private equity arm in 2011. He is currently managing director at One Equity Partners, which handles USD10bn of investments for JPMorgan.
As JPMorgan retail financial services chief officer, he was in charge of one of JPMorgan’s lines of business issuing Visa branded cards, and he has served on the board of Visa’s US division from 2003 to 2011.
Prior to joining JPMorgan, Scharf has been chief financial officer at Bank One, and has spent 13 years ad Citigroup.
Scharf said: "The payments industry is an exciting place to be with both the continued migration across the globe to electronic payments and the development of ground-breaking new technologies, and Visa plays an important role in enabling both".
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