Mastercard announced top personnel changes February 26, 2025, including the appointment of former Ambassador to India Richard Verma. It also appointed Tim Murphy as vice chair.

Verma replaces Murphy, who has served as chief administrative officer since 2021, will oversee a range of strategically important initiatives, including the company’s relationships with global regulators, Mastercard said.

As Murphy is elevated to this new role, Richard R. Verma returns to Mastercard as chief administrative officer to oversee the company’s Law, Government Affairs & Policy, Franchise, Corporate Security, Inclusion & Belonging, and Transformation, Risk & Operations (TRO) functions. He will also join the Executive Leadership Team and Management Committee, the press release from Mastercard said.

Both positions are effective May 1 and will report to Michael Miebach, Mastercard’s CEO.

“I am delighted to welcome Rich back to Mastercard,” Miebach added. “He has had a unique view on the topics impacting people and economies across the globe. Our business and our customers will benefit from his extensive experience and leadership in many ways.”

Verma most recently served as the U.S. deputy secretary of state for Management and Resources. In this role, he was chief operating officer of the department, leading the department’s efforts on modernization, workforce and strategic issues.  Prior to his earlier tenure at Mastercard as the chief legal officer and head of Global Public Policy (2020-2023), Verma served as the U.S. ambassador to India, assistant secretary of state for Legislative Affairs, and national security advisor to the Senate Majority Leader. He is a veteran of the U.S. Air Force, and the recipient of numerous military awards and civilian decorations.

(Used with permission)

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