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BNY Mellon taps Visa's former CEO Charles Scharf as new leader

| Monday, July 17, 2017, 12:00 p.m.
BNY Mellon
BNY Mellon announced today that Charles W. Scharf has been appointed Chief Executive Officer and a Director of the company, effective immediately, and will become Chairman of the Board of Directors effective January 1, 2018. Gerald L. Hassell will continue to serve as Chairman of the Board through December 31, 2017, working closely with Mr. Scharf to ensure a seamless transition of responsibilities. (PRNewsfoto/BNY Mellon)

Bank of New York Mellon has tapped Visa's former CEO as its new leader, officials announced Monday.

Effective immediately, Charles W. Scharf, 52, will take the helm as CEO of BNY Mellon, the New York-based banking giant with more than 7,000 employees at its corporate office in Pittsburgh.

Scharf is set to become chair of BNY Mellon's board in January, replacing Gerald L. Hassell.

Hassell, 65, credited his newly named successor as "an accomplished and distinguished leader, with a record of profitably growing businesses, driving innovation and managing complex, large-scale global financial services organizations."

Scharf helmed Visa from 2012 through last December.

Among other prior roles: managing director of One Equity Partners, a private investment arm of JPMorgan Chase & Co.; CEO of Retail Financial Services; and CEO and CFO of Bank One Corp.

"I have long admired BNY Mellon and believe there is great opportunity to build on the momentum Gerald and the team have created," Scharf said in a statement .

Scharf pledged to "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."

Under pressure from activist investors to cut costs, BNY Mellon had aimed to keep expenses flat last year while searching for ways to improve profitability amid low interest rates.

Reuters reported that following Monday's announcement, BNY Mellon's shares increased 2.4 percent at $53.60 during pre-market trading.

Natasha Lindstrom is a Tribune-Review staff writer. Reach her at 412-380-8514, or on Twitter @NewsNatasha.

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