Wedbush Remains Sidelined as Visa (V) CEO Announces Resignation
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Wedbush reiterated a Neutral rating and $77.00 price target on Visa (NYSE: V) following the company's announcement the CEO Charlie Scharf is resigning. The resignation is effective December 1st, when new CEO Alfred F. Kelly, Jr. is set to take over. Mr. Scharf informed the board of directors of this decision to resign since he could no longer spend the time in San Francisco necessary to effectively do his job.
Analyst Moshe Katri commented, "AMC, Visa announced that CEO Charlie Scharf is resigning, effective December 1, 2016. Visa’s board of directors unanimously voted to appoint Alfred F. Kelly, Jr. as CEO. Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co. The press release stated that Mr. Scharf informed the board of directors of this decision to resign since he could no longer spend the time in San Francisco necessary to effectively do his job. Accordingly, after a rigorous review of a diverse set of internal and external candidates, the board of directors nominated Mr. Kelly, who will join the company on October 31, 2016 as CEO designate. As part of the transition, Mr. Scharf will serve as an advisor to Mr. Kelly beginning December 1, 2016 for several months."
Shares of Visa closed at $82.15 yesterday.
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