Shares of Visa were falling Tuesday following the unexpected departure of Charles Scharf, the credit card company’s CEO since 2012. Scharf will be succeeded by former American Express president and current Visa board member Alfred Kelly when he officially steps down on Dec. 1. The shakeup comes just months after Scharf closed a deal to reunite Visa’s U.S. operations with the previously spun off Visa Europe operations. The 51 year old Scharf said that the reason for the resignation was that he could no longer commute from the East Coast to Visa’s headquarters in San Francisco and do his job effectively.
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