"By making these adjustments, we will strengthen our competitive edge and plan to promote long-term growth, diversify our sources of income, and set our goods and services apart. The CEO, Michael Miebach, stated, "Our teams will be able to execute faster and deliver more value to our partners and customers."

Jorn Lambert will take the helm as Chief Product Officer at Core Payments. The team's primary focus will be on delivering secure and seamless payments, as these form the company's cornerstone. This covers the company's fundamental payment services, platforms, and solutions in addition to its extensive Real-Time Payments capabilities. This encompasses, among other things, innovation in consumer value propositions, acceptance, and optimization skills.

As Chief Commercial Payments Officer, Raj Seshadri will oversee Commercial & New Payment Flows. Beyond credit card payments, there is a scalable possibility in payment and data flows. This covers B2B accounts payable and receivables, non-carded bill payments, remittances and disbursements, and commercial cards (SME, T&E, Purchasing, Fleet, Virtual). It will also include the business's healthcare-related offerings.

Chief Services Officer Craig Vosburg will be in charge of services. To optimize impact, growth, and the value we provide to clients, services will merge solutions from the company's current Cyber & Intelligence, Data & Services, and Open Banking teams. Everybody needs to manage risk, fraud, and cybersecurity. They also need to develop through insights, analytics, and loyalty programs. In addition, Vosburg will be in charge of a recently established Data and AI division, which will be governed throughout the entire company and include commercialization for both internal and external applications under the direction of Chief AI and Data Officer Greg Ulrich.

After working for Mastercard for more than 30 years, Ajay Bhalla will be retiring. We express our gratitude for his several years of service and contributions.

The remainder of the organizational transition takes effect on May 1st, but these changes in leadership take effect immediately.