BNY Mellon taps Visa's former CEO Charles Scharf as new leader

Bank of NY Mellon Names Former Visa Head Charles Scharf New CEO

Bank of NY Mellon Names Former Visa Head Charles Scharf New CEO

BNY Mellon has appointed Charles Scharf as its new chief executive, signalling a clear shift in becoming a full-fledged digital custodian.

Mr. Scharf, 52 years old, served as CEO of Visa until December. He will become chairman of the board effective January 1, 2018. Mr. Hassell, 65 years old, will remain chairman of BNY Mellon until December 31, when he will hand the title to Mr. Scharf.

Hassell, 65, credited his newly named successor as "an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organizations". Before joining Visa, Scharf did stints at J.P. Morgan Chase & Co., Bank One, and Citigroup Inc.

"Charlie is ideally suited to lead BNY Mellon through the next phase of growth".

He was chief executive of Bank One's retail division from 2002 to 2004 and chief financial officer of Bank One from 2000 to 2002.

Scharf pledged to "continue to put our clients first, remain a strong and trusted partner and continue on our journey of defining ourselves as the premier technology platform our clients turn to for our capabilities, advice and leadership".

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