- Organizational Restructuring:
- Mastercard announces plans to reorganize its teams into three units: Core Payments, Commercial and New Payment Flows, and Services.
- Leadership Changes:
- Jorn Lambert, previously Chief Digital Officer, will now serve as Chief Product Officer and lead the Core Payments unit.
- Raj Seshadri, a former BlackRock executive, will become Chief Commercial Payments Officer, overseeing the Commercial and New Payment Flows unit.
- Craig Vosburg, who served as Chief Product Officer, will take on the role of Chief Services Officer, leading the Services unit.
- Greg Ulrich will lead the newly established Data and AI team as Chief AI and Data Officer.
- Focus Areas:
- The core Payments unit will focus on core payments, associated products and platforms, and real-time payment services.
- The commercial and New Payment Flows unit will prioritize solutions for remittances, B2B payments, commercial cards, and healthcare payments.
- The services unit will oversee fraud management, risk mitigation, and cybersecurity.
- CEO’s Perspective:
- CEO Michael Miebach emphasizes the goal to diversify revenue streams and differentiate products and solutions through restructuring.
- Retirement Announcement:
- Ajay Bhalla, Mastercard’s President of Cyber and Intelligence, is set to retire after more than 30 years with the company.
- Implementation Timeline:
- The restructuring plans are scheduled to take effect on 1 May
