Charles Scharf: Bank of New York Mellon’s New CEO

AP Photo/Richard Drew

On Monday, Bank of New York Mellon announced the hiring of Charles W. Scharf. Scharf, the former top executive of Visa and veteran banker with Citigroup, Bank One and JPMorgan Chase , will now take over as their new chief executive. He led Visa from October 2012 to December 2016, and will join the bank as chief executive immediately and assume the added role of chairman on January 1st.

65 year old Gerald L. Hassell will continue to serve as chairman until his retirement at the end of December, the bank announced. Hassell has been the chairman and chief executive of New York Mellon since 2011.

Mr. Hassell shared his confident thoughts on Mr. Scarf in a news release,

“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.”

Mr. Scharf was a managing director of One Equity Partners and JPMorgan Chase’s private investment arm before joining Visa. He then served as CEO of its retail financial services business from 2004 to 2011. Needless to say, great things are expected from Scharf.

Scharf had some things to say about the new opportunity,

“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.”

Scharf has very dynamic work experience in the field. From 2002 to 2004 he was CEO of Bank One’s retail division and CFO from 2000 to 2002. He was the CFO os Citigroup’s global corporate and investment bank from 1999 to 2000 and CFO of Salomon Smith Barney and its previous company from 1995 to 1999.

He is currently a director of Microsoft and chairman of the NYC Ballet. Big things are to come from this man as he steps into Bank of New York Mellon.

[via The New York Times]

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