Visa Inc. said Chief Executive Officer Charles Scharf is resigning after advising the board that he can no longer spend enough time in San Francisco “to do the job effectively.” The San Francisco-based payments network said Mr. Scharf will be succeeded by Alfred Kelly, 58 years old, a member of Visa’s board and a former president at American ExpressCo. In an interview, Mr. Scharf said he needs be closer to his family in New York.
“I think to do this job properly you need to be committed to spending the appropriate amount of time in San Francisco. Given my personal situation, I don’t feel that I can do that right now,” he said. Robert W. Matschullat, Visa’s independent chairman, said in a conference call with analysts that Mr. Scharf’s resignation was “entirely a personal decision and not business-related and we respect his choice.” Visa shares fell about 1.5% in after-hours trading.
In a memo to Visa employees Monday, Mr. Scharf noted that his daughters, parents and extended family are all on the East Coast. Before taking the Visa job in 2012, Mr. Scharf lived in New York.