Mastercard Overhauls Organisational Structure for Innovation Drive

Mastercard, a leading player in payment technology, has unveiled a strategic restructuring aimed at fostering innovation and driving growth in the dynamic financial landscape.

Under the stewardship of CEO Michael Miebach, Mastercard is introducing three new divisions: Core Payments, Commercial and New Payment Flows, and Services. Each division is meticulously designed to propel Mastercard into new realms of financial technology.

Jorn Lambert, formerly Chief Digital Officer, now assumes the role of Chief Product Officer (CPO) and will lead the Core Payments unit. Lambert’s strategic focus will be on enhancing Mastercard’s core payment services and real-time payment offerings.

Raj Seshadri, a seasoned executive from BlackRock, takes charge of the Commercial and New Payment Flows unit as Chief Commercial Payments Officer. With extensive experience, Seshadri will drive initiatives in remittances, B2B transactions, and tailored solutions for sectors such as healthcare.

Craig Vosburg, who previously served as Chief Product Officer for three years, transitions to Chief Services Officer, overseeing the Services unit. Vosburg’s leadership aims to consolidate Mastercard’s cybersecurity and data teams to strengthen defences against emerging threats and foster innovation.

In a strategic move, Mastercard has established a Data and AI team under Craig Vosburg’s direction. Greg Ulrich assumes the role of Chief AI and Data Officer, spearheading efforts to leverage artificial intelligence and data analytics for both internal operations and external offerings.

The restructuring coincides with the departure of Ajay Bhalla, President of Cyber and Intelligence, after over three decades of service. Bhalla leaves behind a legacy of significant contributions to Mastercard’s journey.

As Mastercard embarks on this transformative journey, it reaffirms its commitment to excellence and innovation, positioning itself as a frontrunner in the global fintech landscape.