SAN FRANCISCO (AP) — Visa says former JPMorgan executive Charles Scharf will become its next CEO, effective Nov. 1.

Scharf also is a former Visa Inc. director. He will replace Joseph Saunders, Visa's CEO since 2007. Saunders will remain Visa's executive chairman until his employment with the company ends on March 31.

After Saunders retires, Visa's board plans to name a new non-executive independent chairperson. Scharf also will join the company's board effective Nov. 1, expanding its membership to 11 directors.

Scharf currently serves as managing director at One Equity Partners, which manages $10 billion of investments and commitments for JPMorgan Chase & Co. He previously spent nine years at JPMorgan and its predecessors as CEO of retail financial services.

Visa shares rose $1.14 to $137.78 in premarket trading.