On Tuesday, Mastercard Inc
This organizational shift aims to hasten growth and enhance stakeholder value by speeding up execution and enriching partner and customer offerings.
These leadership transitions are effective immediately, with the broader organizational changes beginning on May 1.
Michael Miebach, the CEO, highlighted that the realignment aimed to bolster the company's competitive edge, diversify revenue sources, and refine product and solution offerings.
Jorn Lambert will become the Chief Product Officer and lead the Core Payments division.
This sector is vital to Mastercard's foundation and emphasizes providing secure, seamless payment experiences, including real-time payment capabilities and innovation in acceptance and consumer value propositions.
Raj Seshadri will take charge of Commercial & New Payment Flows as Chief Commercial Payments Officer.
This area explores scalable opportunities beyond traditional consumer card payments, spanning commercial cards, B2B transactions, non-card bill payments, and healthcare industry solutions.
Craig Vosburg is appointed Chief Services Officer, integrating Cyber & Intelligence, Data & Services, and Open Banking teams under one umbrella to amplify growth and customer impact.
This includes overseeing a new Data and AI organization, led by Greg Ulrich as Chief AI and Data Officer, focusing on data commercialization and governance.
Mastercard also recognizes the retirement of Ajay Bhalla, who has contributed over three decades of service to the company.
Reports have revealed that Mastercard is set to raise certain credit card fees starting April 15, coming shortly after a $30 billion swipe fee settlement with Visa Inc
Mastercard stock gained over 31% in the last 12 months. Investors can gain exposure to the stock via SPDR Select Sector Fund - Financial
Price Actions: MA shares traded lower by 0.46% to $470.00 premarket on the last check Friday.
