Visa CEO Scharf to resign and be replaced by former American Express president

Charles Scharf, chief executive of Visa Inc, is to step down from his position later this year, and he will be replaced by former American Express president Alfred Kelly.

Scharf oversaw a successful period for the company which included the reunion with its European operations. In a letter to employees, he said that he wanted to spend more time with his family, who do not live in California.

In an interview with Reuters, Kelly said that he does not envisage wholesale changes to the company during his tenure.

"I don't come in here expecting to make a lot of big changes," adding that he "got a front row seat to the various opportunities" during his time serving on Visa's board.

Kelly takes over at a troublesome time however, as Visa faces a tricky legal challenge along with Mastercard over an alleged attempt to fix credit card fees.

It also faces another court challenge with Wal-Mart with regard to the use of PINs in the retailers stores.