Mastercard has announced a realignment of its teams centered on three interdependent areas of Core Payments, Commercial & New Payment Flows and Services. These changes will enable further alignment to accelerate growth and deliver value for stakeholders.
“These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions. Our teams will be able to execute faster and deliver more value to our partners and customers,” said Michael Miebach, Chief Executive Officer.
Jorn Lambert will lead Core Payments as Chief Product Officer. Core payments are the foundation of the company and the focus of the team will be on the delivery of seamless and secure payments. This includes core payments, products and platforms as well as the company’s comprehensive Real-Time Payments capabilities. This also includes innovation in acceptance, consumer value propositions and optimization capabilities among other areas.
Raj Seshadri will lead Commercial & New Payment Flows as Chief Commercial Payments Officer. Payment and data flows beyond consumer card payments represent a scalable opportunity. This includes commercial cards (SME, T&E, Purchasing, Fleet, Virtual), B2B accounts payables and receivables, non-carded bill payments, remittances and disbursements. It will also include the company’s solutions for the healthcare industry.
Craig Vosburg will lead Services as Chief Services Officer. Services will integrate offerings from the company’s current Cyber & Intelligence, Data & Services and Open Banking teams to maximize impact, growth and the value we bring to customers. Managing fraud, risk and cybersecurity and growing through insights, analytics, and loyalty programs are universal needs. Vosburg will also oversee a newly formed Data and AI organization, led by Greg Ulrich as Chief AI and Data Officer, that will include commercialization for both internal and external applications, and the governance of these functions across the entire enterprise.
Ajay Bhalla will be retiring after more than 30 years with Mastercard. We would like to thank him for his contributions and many years of service.
These leadership changes are effective immediately, while the rest of the organizational transition is effective May 1.