Mastercard has appointed its general counsel Tim Murphy to the newly created position of chief administrative officer. In this role, he oversees the company’s law, franchise and integrity activities, as well as the added management of its people and capabilities function.
Richard Verma, executive vice president for global public policy and regulatory affairs at the company, has been promoted to general counsel and head of global public policy. He now heads up Mastercard’s core legal and regulatory functions, as well as its global and regional public policy teams, and joins the company’s management committee. Verma joined Mastercard in late 2020.
Michael Fraccaro will continue to be Mastercard’s chief people officer and a member of the company’s management committee, reporting to Murphy.
Murphy has been with the company for 21 years, starting out as one of the lead attorneys working on Mastercard’s IPO. Since then, he has at different times been president of the company’s US region, chief product officer, executive vice president of customer business planning and analysis and associate general counsel. He has been general counsel for the past seven years.
‘In the decade I’ve worked with Tim, I’ve seen first-hand his ability to drive transformational change while sustaining fidelity to the core values that make Mastercard a special place to work,’ CEO Michael Miebach says in a statement.
‘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.’
Murphy says in an announcement: ‘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.’
In addition, the company has promoted Randall Tucker, its chief inclusion officer, to executive vice president. He will continue to lead what Mastercard calls a ‘refreshed’ diversity, equity and inclusion team.