Blog Coverage Changes in Top Tier of MasterCard as Ed McLaughlin Promoted as President of Operations and Technology
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LONDON, UK / ACCESSWIRE / May 1, 2017 / Active Wall St. blog coverage looks at the headline from Mastercard Inc. (NYSE: MA) as the global payments Company announced on April 28, 2017, that Ed McLaughlin, the current Chief Information Officer, has been promoted as President of Operations and Technology and his appointment is effective from May 01, 2017. He takes over the position from MasterCard veteran Rob Reeg, who has been with the Company for 22 years. Rob will continue with MasterCard in a consulting role till October 01, 2017, for a smooth changeover. Rob will report directly to Ajay Banga, President and CEO of MasterCard for this duration. Register with us now for your free membership and blog access at:
One of Mastercard's competitors within the Credit Services space, Total System Services, Inc. (NYSE: TSS), reported results for Q1 2017 on April 25, 2017. AWS will be initiating a research report on Total System Services in the coming days.
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"Ed's experience and know-how across our portfolio, combined with an entrepreneurial mindset, made him the ideal choice to continue the growth and advancement of our technology operations."
About the Successor - Ed McLaughlin
In his new role as President of Operations and Technology, Ed will be responsible for MasterCard's technology functions including the global network, processing platforms, information security and technology operations. Ed is currently the Chief Information Officer and has been in this position since January 2016. He has been in-charge of software development and integration. His responsibilities included development of product and services, implementing MasterCard's digital roadmap, as well as managing and developing the global tech hubs.
Ed had joined MasterCard in 2005 as Head of Bill Payment and Healthcare. In 2008, he took over as the Company's Chief Franchise Development Officer. He was promoted as Chief Emerging Payments Officer in 2010 and his job responsibilities included the development and launch of the Company's digital strategy, partnerships and platforms, including Masterpass, Mastercard Send and the digital token program - Mastercard Digital Enablement System (MDES).
Ed was the Group Vice President, Product, and Strategy with financial services and technology Company Metavante, before joining MasterCard. Ed was the Co-founder and CEO of Paytrust, an online payments Company which was acquired by Metavante in 2002. Ed was with a data modeling software Company LogicWorks Inc. as Executive Vice President, Product, and Marketing before he co-founded Paytrust.
About the Predecessor – Rob Reeg
Rob is a MasterCard veteran and has been with the Company for more than two decades. He has been instrumental in MasterCard's transformation into a technology Company. He played a significant role and was the architect of the Company's strategic processing platform and global network operations. Under his leadership, the Mastercard network processes more than 51.5 billion transactions each year, and has the capacity to handle 160 million transactions per hour, with 99.99 percent reliability.
Rob joined MasterCard in 1995 and moved up the organization structure over the years. In 2005, he was appointed as the Chief Technology Officer and took over as his current role as President Operations and Technology in 2008. He also became a member of the Company's Management Committee.
Rob held various IT and business leadership roles in Companies like Sprint Corp., Cleveland Pneumatic, Totco Inc. and Conoco Inc., before he joined MasterCard.
Commenting on Rob's contributions during his tenure with MasterCard, Ajay Banga said:
"It would be impossible to recount all of Rob's many contributions and accomplishments over the past two decades. He's pushed us to be at the cutting edge of operational efficiency and accuracy. Rob brought that same passion and caring to our culture and our people, being a tireless advocate for diversity and inclusion initiatives. We wish Rob and his family every happiness in this next chapter."
Recent Developments
Recently, MasterCard unveiled the Next Generation Biometric Card which was tested for the first time in South Africa. The new cards were market tested with South Africa's supermarket retailer Pick n Pay and Absa Bank, a subsidiary of Barclays Africa. The new Biometric Card combines the use of fingerprints and chip technology to ensure complete safety of transactions by the customers. The new Biometric Card builds on fingerprint scanning technology (which is currently used for mobile payments) and can be used at EMV terminals worldwide.
Stock Performance
At the close of trading session on Friday, April 28, 2017, Mastercard's share price finished the trading session at $116.32, slightly sliding 0.67%. A total volume of 3.53 million shares exchanged hands, which was higher than the 3 months average volume of 2.98 million shares. The stock has surged 13.15% and 20.67% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have rallied 13.11%. The stock is trading at a PE ratio of 31.55 and has a dividend yield of 0.76%. The market capital of the stock stands at $122.87 billion.
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