FOSTER CITY, Calif. – Visa Inc. announced this morning that Charles Scharf, the former head of retail banking at JPMorgan Chase & Co., will succeed Joseph Saunders as CEO of the world’s largest payments company.
Scharf, 47, who will take over Visa on Nov. 1, was responsible for JP Morgan’s cards business and served on the Visa board for eight years. He was removed from his position heading JPMorgan’s retail-banking division in June 2011, when his duties were reassigned and he was transferred to the private-equity unit as a partner.
“Charlie understands the payments business and the priorities of our clients through his deep, rich history in the payments space,” said John Swainson, Visa’s lead director.
Scharf will be paid a base salary of $950,000 and be eligible to receive a target bonus that is 250% of that amount, with a maximum bonus opportunity of 500%.
Visa will also give him a so- called make-whole payment which the company valued at $19 million.
Saunders, 66, who has led Visa since its 2008 initial public offering, said in May that the firm had been working on succession planning for a year.