Visa announced Monday that Chief Executive Charlie Scharf has decided to resign, effective Dec. 1.
The company named Alfred Kelly, Jr., a former president of American Express and a current Visa board member, as CEO. He will join the company on Oct. 31 as CEO designate.
"Charlie has been a visionary CEO, highly successful by any set of metrics," said Robert W. Matschullat, the company's independent chairman. "He has helped transform Visa, the leading global payments technology company, into a technology-driven digital commerce company and has led a strategy that will benefit this company for years to come."