UPDATE 3-Visa hires JPMorgan's Charles Scharf as CEO
* Scharf to take over on Nov. 1
* Saunders to remain executive chairman through March
* New CEO is a solid choice: analyst
* Shares up 1 percent
Oct 24 (Reuters) - Visa Inc said Charles Scharf, a former head of JPMorgan Chase & Co's retail financial services division, will succeed Joseph Saunders as chief executive, effective Nov. 1.
Visa's board had been looking for a successor to Saunders, 66, who has headed the company since 2007 and was expected to retire soon.
Scharf, 47, previously served on Visa's board from 2007 to January 2011.
Known as Charlie, Scharf was moved from JPMorgan's retail banking business to its private equity arm in 2011, after the lender shuffled several retail banking executives in a push to raise profit.
Scharf worked closely with Jamie Dimon, chairman and CEO of JPMorgan, when the two men were at Citigroup Inc in the 1990s. Scharf followed Dimon to Chicago-based Bank One, which was bought by JPMorgan in 2004. Continua...