Announcement coming.
23 replies (most recent on top)
Scharf, you are fired!
If this were true they'd just dump all 10k they wanted to can this year in 1 day and be done with it. Instead they have VERY carefully managed the process to minimize the number of warn notices etc. There's definitely a PR element to their plan. But hey, maybe I'm wrong and they are paying people months worth of salary prior to severance just for fun. Who knows.
Sounds great. Charlie haters dream comes true.
@eeu+1ouIzDFt - mass layoff is no longer a big deal. Big companies do it often and shareholders cheer. No one cares and everyone knows most companies have plenty of fat to cut. I am an employee of Wells and also a shareholder. I don’t mind a bit if Wells announce lay off. Lots of deadwood and perhaps those who already (quiet) quitting should be officially “gone”
That will not happen. The only purpose of Shart is to do the dirty work of slash and burn. If you're the board you don't want to taint the new CEO with mass layoffs.
This may actually be whey Shart and SP haven't been seen for months. They are 'out', just nominally in charge so as not to put the stain of the ongoing layoffs on the new exec leadership.
TK for CEO, Tali for head of tech. Together we’ll go far with EPICness!
@whn+1ouIzDFt
Visa CEO Charlie Scharf is stepping down, saying he needs to spend more time with his family on the East Coast of the United States -- and away from Visa's San Francisco headquarters.
Visa (V), which is based in the Bay Area, made the announcement Monday afternoon.
"My decision is entirely personal," Scharf said on a call with investors, noting that he and his wife have "worked hard to spend time with our daughters."
"Now we need to spend more time on the East Coast," he said without elaborating.
Scharf notified Visa's board of directors about his plans in mid-September. They decided to replace Scharf with a current member of the board, Alfred F. Kelly, Jr.
On the same call, Kelly commended Scharf for putting his role "as a husband, father and son ahead of his job."
Scharf also sits on the board of Microsoft (MSFT), which is headquartered in the Seattle area. He is expected to remain in that position, according to Microsoft.
CNNMoney (New York)
First published October 17, 2016: 5:49 PM ET
Interesting article- didn't know this. https://money.cnn.com/2016/10/17/news/visa-ceo-quits/index.html
Visa CEO quits, says he can't work in San Francisco
@iez+1ouIzDFt - how naive and simple minded you are. Soooooo cute! LOL
So, basically 4 years of c____p for nothing. The old guard is still here.
@tkj Exactly what I was thinking! He is clearly being groomed for CEO at some point whether it’s here or somewhere else or now vs. later. He will be a CEO at some point.
Or with TK.. I can’t wait..
I could see the Board replacing Scharf with Saul. Not saying it would be a good move, but I could see it happening.
@xyc+1ouIzDFt - agreed. Not too many people here smart enough to see that.
The culture will take a LONG time to change if there is a new CEO.
If Charlie quits I can’t wait to see how the next CEO turns out to be. Chances are people who are miserable now will continue to be if not even more miserable.
Yeah! Can't come soon enough. Wrap her up!
Yes. Your wish comes true. The next CEO will reduce severance benefits and massive layoffs will happen.
False narrative, you could literally find millions of people willing to work for $25M a year and thousands even that could be an exec of a big corp. The idea that there was literally just 1 guy on the planet four years ago is completely ridiculous. Shart isn't up to the job, plenty of other people are.
lol no
Charlie couldn't get the asset cap lifted. Just brought in his cronies. Stock should be $1.
They couldn’t find anybody else to take the job 4 years ago, and nothing has changed. If anything the reputation is worse. Why would they get rid of Charlie when there are no better options?
BS. Get you facts straight. I am not particularly a fan of all his initiatives but he has done a lot to strength this company. If it wasn't for him the company stock would be $27 right now.