Mastercard announced the appointment of Tim Murphy (pictured), the company’s general counsel, to the newly created position of chief administrative officer. In this role, he will have oversight of the company’s Law, Franchise and Integrity activities, as well as the added management of its People and Capabilities function.
Michael Fraccaro will continue as chief people officer and a member of the company’s management committee, reporting to Murphy. Together, they will further shape and drive Mastercard’s world-class culture with decency at its core.
A 21-year veteran of the company, Murphy has helped to shape Mastercard throughout his tenure, beginning with his role as one of the lead lawyers for the company’s initial public offering. Since then, he has blended business and legal insights and evolution, serving at different times as president of the company’s U.S. region and chief product officer.
Richard Verma, executive vice president for Global Public Policy and Regulatory Affairs, has been promoted to general counsel and head of Global Public Policy. He will now lead the company’s core legal and regulatory functions, as well as its global and regional public policy teams. Verma will also join the Mastercard’s Management Committee.
He joined Mastercard in late 2020, bringing more than 25 years of international experience across senior levels of business, law, diplomacy and the military.
The company also announced two other executive changes.
Ron Green, Mastercard’s chief security officer, has been appointed to the company’s management committee. Randall Tucker, the company’s chief inclusion officer, has been promoted to executive vice president and will continue to lead a refreshed Diversity, Equity & Inclusion team.