Mastercard Announces Major Reorganization and Leadership Changes
Mastercard, a global leader in the payments industry, has revealed plans for a significant reorganization aimed at driving growth and innovation. CEO Michael Miebach announced the strategic move, emphasizing the company's commitment to diversifying revenue streams and enhancing product offerings.
Reorganized Units
The reorganization will see Mastercard restructuring its teams into three interdependent units:
Core Payments: Led by Chief Product Officer Jorn Lambert, this unit will serve as the foundation of the company, encompassing core payments, associated products and platforms, and real-time payments services.
Commercial and New Payment Flows: Former BlackRock executive Raj Seshadri will lead this unit as Chief Commercial Payments Officer, focusing on solutions for remittances, B2B payments, commercial cards, and offerings tailored to the healthcare sector.
Services: Chief Services Officer Craig Vosburg will oversee this unit, which combines Mastercard's Cyber and Intelligence, Data and Services, and Open Banking teams. The division will focus on fraud management, risk mitigation, and cybersecurity.
Key Leadership Appointments
In addition to the reorganization, Mastercard has announced several key leadership appointments:
Raj Seshadri: Promoted to Chief Commercial Payments Officer, leading the Commercial and New Payment Flows unit.
Craig Vosburg: Appointed Chief Services Officer, responsible for the Services unit.
Greg Ulrich: Named Chief AI and Data Officer, leading the new Data and AI team focused on leveraging AI and data for internal and external applications.
Furthermore, Mastercard revealed that Ajay Bhalla, President of Cyber and Intelligence, will retire after more than 30 years with the company.
These strategic changes are set to take effect on 1 May, positioning Mastercard for continued growth and innovation in the dynamic payments landscape.
Learn more about Mastercard's reorganization and leadership changes.
Please login to comment