Mastercard has created a new position among its c-suite, a Chief Administrative Officer, which will be filled by the company’s General Counsel, Tim Murphy.
The new role means Murphy, a 21-year Mastercard veteran, will continue to oversee all of the payments giant’s Law and Franchise and Integrity activities and add oversight of its People and Capabilities function.
In the announcement, Mastercard CEO Michael Miebach said, “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’s role will be backfilled by Richard Verma, who has been promoted from EVP for Global Public Policy and Regulatory Affairs to General Counsel and Head of Global Public Policy. Verma joined Mastercard in late 2020 and brings over 25 years 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,” Murphy said in a press release. “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.”
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