Charles Scharf, a tech-focused former Visa executive and veteran banker, will also serve as Chairman.
Scharf’s background in the banking sector is extensive. He was Chief Executive Officer and Director of Visa from October 2012 through December 2016. This followed a career with JPMorgan Chase, where he served as Managing Director at One Equity Partners, the firm’s private investment arm. He was also CEO of Retail Financial Services. Prior to joining JPMorgan Chase, Scharf held other C-level roles, including CEO and CFO at Bank One, and CFO of the Global Corporate and Investment Bank division at Citigroup. Still earlier, he was CFO of Salomon Smith Barney.
Scharf is credited with making Visa a Fortune 500 company with $11.8 billion in revenue. He has also shown to be a leading proponent of technological innovation within the financial services industry.
“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”, said outgoing CEO Gerald L. Hassell. “Charlie is ideally suited to lead BNY Mellon through the next phase of growth.”
Hassell was appointed CEO of BNY Mellon in 2011, and will continue to serve as Chairman until he retires at the end of this year, the New York Times reports.
BNY Mellon is an august institution, founded in 1784 by Alexander Hamilton. It has been investing heavily in technology in an effort to automate more of its processes as well as cut costs. As CEO, Scharf will likely accelerate the process, introducing more Fintech as he seeks to define the bank as the “premier technology platform our clients turn to for our capabilities, advice and leadership.”
“Technology is always at the center of financial businesses”, Scharf said. “We have to make ourselves slightly uncomfortable as we evolve and change. If you don’t do it, someone else will.”