Bank of New York Mellon has appointed former Visa head Charles Scharf (pictured) as its new chief executive.
Mr Scharf’s appointment is effective immediately. He will be replacing 65-year old Gerald Hassell, who is retiring but will continue to serve as chairman of the board until the end of the year. After that, Mr Scharf will also assume the role of board chairman.
“Today’s announcement is the culmination of the Board of Directors’ robust and long-term succession planning process,” said Mr Hassell. “Charlie is an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organizations.”
Mr Scharf, 52, was most recently chief executive of Visa and prior to that has done stints at JPMorgan Chase, first as head of the bank’s retail financial services and later as managing director of One Equity Partners, the bank’s private investment arm.
“Under Charlie’s leadership, Visa transformed its technology platform by opening access to its network and capabilities, partnered with the world’s leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security and built a world-class management team,” added Mr Hassell. “Charlie is ideally suited to lead BNY Mellon through the next phase of growth.”
Mr Hassell became BNY Mellon’s CEO in August 2011. Under his tenure, shares in the company have more than doubled from $25 a share to a record high of $52.50 last Friday, giving it a market value of $54.8bn.
The stock added another 2.4 per cent in pre-market trading on Monday on news of Mr Scharf’s appointment.