Visa names Charles W. Scharf as new CEO

Visa Inc. has announced that Charles W. Scharf, formerly Chief Executive Officer of Retail Financial Services for JPMorgan Chase & Co. (JPMorgan Chase), will 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.