Bank of New York Mellon has hired former Visa boss Charles Scharf as its new chief executive, replacing Gerald Hassell as he retires later this year.
Scharf joins the business from today and will become chair of the board from 1 January 2018. Hassell will stay on the board until 31 December to "ensure a seamless transition of responsibilities".
Scharf headed Visa Inc. from October 2012 until December 2016 and is heralded as having pioneered the business' digital focus. Before joining Visa he was managing director of One Equity Partners, JPMorgan Chase & Co.'s private investment arm, and chief executive of Retail Financial Services, one of JPMorgan Chase's six lines of business.
Hassell said: "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. Charlie is ideally suited to lead BNY Mellon through the next phase of growth."
Joseph Echevarria, lead independent director of BNY Mellon's board of directors, thanked Hassell for having "refreshed the company's strategy" and delivered a three year plan, which involved restructuring the management team.
"Overall, under Gerald's leadership, the company has delivered strong financial results and superior shareholder returns."
Hassell added: "It has been a privilege to lead BNY Mellon over the past six years... I am enormously proud of our team and what we have achieved together. With Charlie 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 have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created. We will 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.
"We will work to continue to build the company for the long term while delivering in the short term. I couldn't be more excited to be part of the company's future."
Full story: BNY Mellon has a new CEO: City A.M.