Item 5.02 Departure of Directors or Certain Officers: Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 25, 2020, Mastercard Incorporated ("Mastercard" or the "Company")
announced that Ajay Banga, 60, Mastercard's President and Chief Executive
Officer, will transition from the role of Chief Executive Officer on December
31, 2020 to the role of Executive Chairman of the Board of Directors of
Mastercard, beginning January 1, 2021.
Mr. Banga was appointed Mastercard's President & Chief Executive Officer in 2010
and joined the Board that same year. He served as President & Chief Operating
Officer from 2009 to 2010.
On February 25, 2020, Mastercard's Board of Directors (the "Board") elected
Michael Miebach, 52, to become the President & Chief Executive Officer and a
member of the Board, effective January 1, 2021. As part of the transition to
that role, the Board elected Mr. Miebach as President, effective March 1, 2020.
As President of Mastercard, Mr. Miebach will be responsible for overseeing the
sales, marketing, products, services, and technology organizations for the
Company. Prior to being elected President, Mr. Miebach was Mastercard's Chief
Product Officer and a member of the Company's Management Committee. From 2010 to
2016, he was President, Middle East and Africa, and before that time, Mr.
Miebach held senior roles at both Barclays Bank and Citibank. He is a member of
the digital advisory council of Fannie Mae, a member of the Board of Directors
for Accion and also a member of the Board of Directors of the Ronald McDonald
House New York City.
In connection with Mr. Miebach's appointment as President, the Company entered
into a new compensation arrangement with him, effective as of March 1, 2020,
which provides for an increase in his annual base salary to $750,000, an
increase in his annual bonus opportunity to 150% of his annual base salary, and
an equity grant under Mastercard's Amended and Restated 2006 Long Term Incentive
Plan (the "LTIP") with a target grant date value of $6,250,000. Mr. Miebach's
compensation in connection with his service as Chief Executive Officer will be
determined at a later date. The equity grant is qualified in its entirety by the
final form of the PSU award agreement.
Effective January 1, 2021, Richard Haythornthwaite, currently our Chairman, will
retire from the Board. The Board will appoint current independent director Merit
Janow as lead independent director at that time.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number Exhibit Description
99.1 Press Release
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