Mastercard Incorporated (NYSE:MA)
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3 Months : From Apr 2018 to Jul 2018
By AnnaMaria Andriotis
Mastercard Inc. has hired Michael Froman, a former Obama and Clinton administration official, as vice chairman and president of strategic growth.
Mr. Froman will be in charge of teams promoting card usage and financial inclusion in markets abroad and in the U.S. through partnerships with governments and other entities.
The hire is part of the latest efforts at Mastercard, the second largest card network in the U.S., to partner with governments to boost card payments. The company in recent years teamed up with subway systems in Chicago and London to work on replacing subway cards with a payments system that allows consumers to use contactless-enabled debit and credit cards to enter the subway system. Mastercard says it is in the early stages of working on this conversion with the New York City subway.
Mastercard teamed up with the South African government several years ago to change how certain social benefits are paid to residents. The benefits are now being distributed with prepaid cards in lieu of cash, the company says.
Mr. Froman will report to Mastercard chief Ajay Banga. The two worked together at Citigroup Inc. in the early 2000s. Mr. Froman was U.S. trade representative during the Obama administration and a Treasury official during Clinton's presidency.
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(END) Dow Jones Newswires
April 16, 2018 09:14 ET (13:14 GMT)
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