Mastercard Unveils Strategic Reorganization to Drive Growth and Value

Mastercard has announced a strategic realignment of its teams, focusing on Core Payments, Commercial & New Payment Flows, and Services to drive growth and deliver value. This restructuring, effective immediately for leadership changes and May 1 for organizational transitions, aims to enhance alignment, accelerate growth, and better serve stakeholders.

9 April 2024 – Mastercard has revealed a significant restructuring of its teams, focusing on three core areas: Core Payments, Commercial & New Payment Flows, and Services. This realignment aims to enhance alignment, accelerate growth, and deliver increased value for stakeholders.

According to Michael Miebach, Chief Executive Officer of Mastercard, these changes are integral to reinforcing the company’s strategy and competitive edge, facilitating long-term growth, revenue diversification, and product differentiation. The realigned teams are poised to execute more swiftly, delivering enhanced value to partners and customers.

Jorn Lambert will spearhead Core Payments as Chief Product Officer, with a primary focus on ensuring seamless and secure payment delivery. This encompasses core payments, products, platforms, and the advancement of Real-Time Payments capabilities, along with innovations in acceptance, consumer value propositions, and optimization capabilities.

Raj Seshadri assumes leadership of Commercial & New Payment Flows as Chief Commercial Payments Officer, targeting scalable opportunities beyond consumer card payments. This includes commercial cards, B2B accounts payables and receivables, non-carded bill payments, remittances, and solutions for the healthcare sector.

Craig Vosburg will head Services as Chief Services Officer, consolidating offerings from Cyber & Intelligence, Data & Services, and Open Banking teams to maximize impact and growth. This entails managing fraud, risk, and cybersecurity, alongside leveraging insights, analytics, and loyalty programs. Vosburg will also oversee a newly established Data and AI organization, led by Greg Ulrich as Chief AI and Data Officer, focusing on internal and external applications commercialization and governance.

After more than 30 years of service, Ajay Bhalla will retire from Mastercard, and the company expresses gratitude for his substantial contributions.

These leadership transitions are effective immediately, with the broader organizational transition scheduled for May 1.

Author: Terry KS

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