Visa CEO steps down

Visa Inc. CEO Charles Scharf is resigning after advising the board that he can no longer spend enough time in San Francisco “to do the job effectively.”

Scharf will be succeeded by Alfred Kelly, a board member and former president at American Express Co.

Scharf said he wants to be closer to his family in New York.

“I think to do this job properly you need to be committed to spending the appropriate amount of time in San Francisco. Given my personal situation, I don’t feel that I can do that right now,” he said.

Read more from The Wall Street Journal.