Reuters: People News: Visa hires JPMorgan's Charles Scharf as CEO

Reuters: People News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Visa hires JPMorgan's Charles Scharf as CEO Oct 24th 2012, 13:44 Wed Oct 24, 2012 9:44am EDT (Reuters) - Visa Inc said Charles Scharf, a former head of JPMorgan Chase & Co's retail financial services division, will succeed Joseph Saunders as chief executive. Visa's board had been searching for a successor to Saunders, who has headed the company since 2007. Scharf, whose appointment is effective November 1, has also been appointed to the payment network's board. Scharf is currently managing director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase. Saunders, 66, whose contract expires in March, had been expected to retire soon. He will continue as executive chairman until March 31, after which Visa will appoint a new non-executive independent chairman. Visa said Scharf would be paid $950,000 per year in base salary and a bonus of up to 500 percent. Scharf will also receive restricted stock and options worth $19 million, the company said in a filing with the U.S. Securities and Exchange Commission. Shares of the credit and debit-card network were up 1 percent at $137.92 on the New York Stock Exchange on Wednesday morning.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions