Global Payment giants, Mastercard has announced the appointment of Tim Murphy, the company’s general counsel, to the newly created position of the chief administrative officer(CAO).
Tim Murphy, in this new role, will have oversight of the company’s Law, Franchise and Integrity activities, as well as the added management of its People and Capabilities function.
Michael Fraccaro will continue as chief people officer and a member of the company’s management committee, reporting to Murphy. Together, they will further drive and shape Mastercard’s culture with decency at its core.
Murphy, a 21-year veteran of the company has helped to shape Mastercard throughout his tenure, beginning with his role as a lead lawyer for the company’s initial public offering (IPO). Since then, he has blended business and legal insights and evolution, serving at different times as President of the company’s U.S. region and chief product officer (CPO).
“In the decade I’ve worked with Tim, I’ve seen firsthand his ability to drive transformational change while sustaining fidelity to the core values that make Mastercard a special place to work. We have a unique opportunity in bringing together the teams that care about our people, law, policy, security, franchise, compliance and inclusion. Tim is the right person to use this moment to advance the strategy Mastercard needs to thrive in an increasingly complex world,” said Michael Miebach, chief executive officer.
Richard Verma, Executive VP for Global Public Policy and Regulatory Affairs, has been promoted to general counsel and head of Global Public Policy. He will now lead the firm’s core legal and regulatory functions, as well as its global and regional public policy teams. Verma will also join the Mastercard’s Management Committee. He joined Mastercard in late 2020, bringing more than 2 decades of international experience across senior levels of business, law, diplomacy and the military.
“In just a few short months, Rich has had a true impact on our engagement with policymakers and others across the globe. We’ll look to continue to tap into his extensive experience in public policy, geopolitics, trade and international law, and strong relationships to support the global move to a digital economy,” said Murphy.
The company also announced 2 other executive changes.
Ron Green, Mastercard’s chief security officer, has been appointed to the company’s management committee and Randall Tucker, chief inclusion officer, has been promoted to EVP and will continue to lead a refreshed Diversity, Equity & Inclusion team.