BNY Mellon has named Charles Scharf as CEO and director of the company, effective immediately.
Scharf will also become chairman of the board of directors on 1 January 2018.
He was CEO of Visa from October 2012 to December 2016, where he was credited with transforming the company into a technology-driven ecommerce company.
Previously, Scharf was managing director of One Equity Partners, the private equity arm of J.P. Morgan Chase, and has also served as CEO of retail financial services at J.P.Morgan Chase.
Scharf replaces Gerald Hassell, who will continue as chairman of the board until 31 December 2017.
Hassell said: “Charles Scharf is an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organisations.”
He added: “It has been a privilege to lead BNY Mellon over the past six years. During this period, we have strengthened our position as a global leader in investment management and investment services and have delivered consistently against our 2014 Investor Day goals.”
“I am enormously proud of our team and what we have achieved together. With Charles Scharf at the helm, I know the future of the company is in good hands, and I look forward to working with him to ensure a seamless transition.”
Scharf said: “I am honoured to have been selected and am looking forward to working with the senior management team, the board of directors, and all of the employees at BNY Mellon.
I am especially honoured to follow Gerald Hassell as I have great respect for him as a person and as a leader. I look forward to his advice and counsel and will work closely with him to ensure a smooth transition.”
