Mastercard announced key leadership changes on Wednesday, with Tim Murphy appointed as Vice Chair and Richard R. Verma returning to the company as Chief Administrative Officer.
Richard Verma Returns to Mastercard as Chief Administrative Officer, Tim Murphy Named Vice Chair
Murphy, who has been with Mastercard since 2000 and served as Chief Administrative Officer since 2021, will now oversee global regulatory relationships and other strategic initiatives.
Mastercard CEO Michael Miebach praised Murphy’s long-standing contributions, stating, “Tim has played an instrumental role at Mastercard for more than two decades… embedding our values into every aspect of our business.”
Replacing Murphy, Verma will take on the role of Chief Administrative Officer, overseeing key functions including Law, Government Affairs & Policy, Franchise, Corporate Security, Inclusion & Belonging, and Transformation, Risk & Operations (TRO).
He will also join Mastercard’s Executive Leadership Team and Management Committee.
Verma returns to Mastercard after serving as U.S. Deputy Secretary of State for Management and Resources, where he acted as the State Department’s Chief Operating Officer.
His extensive career includes roles as U.S. Ambassador to India, Assistant Secretary of State for Legislative Affairs, and National Security Advisor to the Senate Majority Leader.
Focusing on Verma’s return, Miebach commented: “Our business and our customers will benefit from his extensive experience and leadership in many ways.”
Both appointments take effect on May 1, 2025, and the executives will report directly to Miebach.
