Tue. Jan 19th, 2021

master card

Mastercard made two major executive changes on Thursday (Dec. 3) that are effective as of Jan. 1. Craig Vosburg has been promoted to chief product officer and Linda Kirkpatrick will succeed him as president, North America. In the CPO role, Vosburg will lead the newly combined products and engineering division, overseeing growth areas and executing new opportunities.

“Craig has been an integral part of our leadership team over the past decade. He’s brought a thoughtful and analytical approach to resetting our course in North America and the results speak for themselves,” Michael Miebach, president and CEO-elect, said in a statement on Thursday (Dec. 3). “As we prepare for the next decade, we believe this same approach will deliver dividends in an integrated product management and engineering organization. The teams will have a greater ability to collaborate and innovate to take advantage of the

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(Bloomberg) — Mastercard Inc. promoted Linda Kirkpatrick to president of North American operations as incoming Chief Executive Officer Michael Miebach shuffles some of his top managers before taking the reins next month.



a man and a woman looking at the camera: Linda Kirkpatrick


© Photographer: Kevork Djansezian/Getty Images
Linda Kirkpatrick

Kirkpatrick will be responsible for all businesses in the U.S. and Canada that interact directly with customers, including overseeing relationships with banks, merchants and governments, the Purchase, New York-based firm said Thursday in a statement. She most recently was head of U.S. issuers for the card network.

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“Linda has deep experience across so many areas of our business,” CEO Ajay Banga said in the statement. “In each role, she’s established herself as a trusted partner and a relentless force to deliver a positive impact.”

Kirkpatrick replaces Craig Vosburg, who will become chief product officer as the company combines its products and engineering organizations. That role was most recently held

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Mastercard today appointed Craig Vosburg as chief product officer and named Linda Kirkpatrick to succeed him as president, North America, with both positions effective January 1, 2021.

As chief product officer, Vosburg will lead a newly integrated products and engineering organization for the company. This includes all areas that are integral to growing Mastercard’s business and executing on opportunities in multi-rail, digital and B2B payments – consumer products, commercial products, acceptance solutions, real-time, account-to-account and push payments, processing, open banking and Mastercard Labs. These teams, including those added through the acquisitions of Vocalink, Transfast, Transactis and Finicity and the anticipated close of the Nets Corporate Services transaction in early 2021, will have a singular focus on serving Mastercard customers with end-to-end accountability for developing and delivering the products they need.

“Craig has been an integral part of our leadership team over the past decade. He’s brought a thoughtful and

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PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard today appointed Craig Vosburg as chief product officer and named Linda Kirkpatrick to succeed him as president, North America, with both positions effective January 1, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005623/en/

Craig Vosburg (Photo: Business Wire)

Craig Vosburg (Photo: Business Wire)

As chief product officer, Vosburg will lead a newly integrated products and engineering organization for the company. This includes all areas that are integral to growing Mastercard’s business and executing on opportunities in multi-rail, digital and B2B payments – consumer products, commercial products, acceptance solutions, real-time, account-to-account and push payments, processing, open banking and Mastercard Labs. These teams, including those added through the acquisitions of Vocalink, Transfast, Transactis and Finicity and the anticipated close of the Nets Corporate Services transaction in early 2021, will have a singular focus on serving Mastercard customers with end-to-end accountability for developing and delivering the

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Like many businesses, Mastercard (NYSE:MA) has felt the impact of the COVID-19 pandemic. Rising unemployment and social distancing measures have reduced consumer spending in many key markets, from entertainment to travel. As a result, Mastercard’s revenue has dropped over 10% during the first nine months of 2020. But for investors willing to see past the present, Mastercard’s culture of innovation and operational excellence positions the company for strong growth in the years ahead. Here are three reasons why Mastercard looks set to succeed.

A woman sitting on a bed next to a backpack holds a credit card in one hand and a phone in the other.

Image source: Getty Images.

1. An enormous market opportunity

During Mastercard’s most recent Investment Community Meeting, management detailed the company’s $235 trillion opportunity, which spans three distinct payment markets. 

Person-to-Merchant (P2M)

Business-to-Business (B2B)

Peer-to-Peer (P2P) and Disbursements

Total Global Opportunity

$50 trillion

$125 trillion

$60 trillion

$235 trillion

Astonishingly, card-based transactions currently account for only $30 trillion (roughly 13%) of all payments, while cash and checks still

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Richard Verma wearing a suit and tie smiling at the camera: Former US Ambassador to India Richard Verma joins Mastercard as executive vice-president


© Provided by Firstpost
Former US Ambassador to India Richard Verma joins Mastercard as executive vice-president

Washington: Former US Ambassador to India Richard Verma has joined leading financial services company Mastercard as its executive vice-president for global public policy and regulatory affairs.

In this capacity, Verma will oversee the company’s public policy, regulatory affairs and litigation teams around the world, Mastercard said in a statement.

Verma joins Mastercard from capital advisory firm The Asia Group, where he served as vice-chair and partner. He was US Ambassador to India from 2014 to 2017.

In addition, Verma was the Assistant Secretary of State for Legislative Affairs, where he led the department’s efforts on Capitol Hill, and was the former National Security Advisor to the Senate Majority Leader for many years.

“Rich (Verma) is a proven leader with extensive experience in public policy, geopolitics, trade and international law,” said Ajay Banga, Chief Executive

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Visa (NYSE:V) and Mastercard (NYSE:MA) have held up better than most other financial sector stocks in 2020, and this certainly makes sense as the companies make money from consumer spending, regardless of whether sales come in-store or through e-commerce. In fact, the trend toward e-commerce during the pandemic has been somewhat of a tailwind, as online sales are all cashless. 

But what about in the post-pandemic world? In this Nov. 25 Fool Live video clip, Fool.com contributors Matt Frankel, CFP, and Brian Feroldi take a look at whether Visa and Mastercard are so-called “reopening” stocks, or if they don’t need a vaccine to thrive.

Matthew Frankel: Looking at a couple of questions, Laura’s comment says, “What about MasterCard, Visa, etc?” That’s a very good question because, well Brian has given me a big thumps up right now, they’re excellent companies. I wouldn’t necessarily we call them reopening stocks because they

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Dec. 3, 2020Updated: Dec. 3, 2020 7:34 a.m.

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The digital shift brought on by the coronavirus has caused treasury banks to reprioritize their support of digital payments as consumers and merchants increasingly demand fast, easy and secure ways to get their money. And while the origins of that trend pre-date the current crisis, Silvana Hernandez, senior vice president of digital payments at Mastercard, tells PYMNTS that the pandemic has sped up the process.

“I think it all starts and ends with the consumer — and what we’re seeing is that consumers, more than ever with COVID, want digital experiences,” Hernandez said.

She added that as consumers lean on merchants, those merchants have started to lean on their banks to offer solutions that are faster and more convenient than simply moving money by check or ACH. But as Hernandez noted, the fact that many treasury banks still have complex legacy systems in

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Mastercard announced the appointment of Richard Verma as Executive Vice President, Global Public Policy and Regulatory Affairs where he will oversee the company’s public policy, regulatory affairs and litigation teams around the world, reporting to Tim Murphy, General Counsel, Mastercard.

Verma brings over 25 years of international experience across senior levels of business, law, diplomacy, and the military. He joins Mastercard from The Asia Group, where he served as Vice Chair and Partner.

He is the former U.S. Ambassador to India, a position he held from 2014 to 2017. In addition, Verma was the Assistant Secretary of State for Legislative Affairs, where he led the Department’s efforts on Capitol Hill, and was the former National Security Advisor to the Senate Majority Leader for many years.

“Rich is a proven leader with extensive experience in public policy, geopolitics, trade and international law,” said Ajay Banga, Chief Executive Officer, Mastercard. “In his

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