Visa Inc is set to name a new chief executive officer by the end of this month as a successor to current CEO Joseph Saunders, the Wall Street Journal reported, citing sources familiar with the process.

The board has been working on a succession plan for quite a while, although the retirement of Saunders, whose contract expires in March, hasn't been announced formally, the newspaper reported.

Charles Scharf, a former Visa board member, is the leading contender for the top job, while Elizabeth Buse, who oversees much of Visa's operations outside of the United States, is the internal candidate, the newspaper reported, citing people familiar with the selection process.

Visa was not immediately available for comment outside of US business hours.


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