Bank Of New York Mellon Names Ex-Visa Head Charles Scharf As Its New CEO

The Bank of New York Mellon Corp. said Monday it has appointed Charles Scharf as chief executive, effective immediately. Sharf was most recently CEO of Visa Inc. from October 2012 through December 2016. He will become chairman of the board effective Jan. 1, 2018. The bank's current CEO, Gerald Hassell will remain chairman of the board through December 31, to ensure a smooth transition. Before joining Visa, Scharf did stints at J.P. Morgan Chase & Co. , Bank One, and Citigroup Inc. . Bank of New York shares rose 2.5% premarket and are up 10.5% in 2017, while the S&P 500 has gained about 10%.