Murphy, 46, joined MasterCard's Law department in 2000 and became senior vice president and associate general counsel in 2003. In 2006, Murphy was named group executive, Customer Business Planning and Analysis, and was president of MasterCard's U.S. Region from 2007 to 2009. Murphy then became chief product officer, responsible for leading the management, development and commercialization of MasterCard's core payment solutions.

Before joining MasterCard, Murphy was an associate in the New York and London offices of Cleary, Gottlieb, Steen & Hamilton, an international law firm. He graduated magna cum laude from Harvard Law School and from Amherst College.

Hanft, 61, retires March 31, after 27 years with the company. He was general counsel and chief franchise officer since 2001. Beginning May 1, 2014, Hanft will become the president and CEO of the International Institute for Conflict Prevention and Resolution, a non-profit organization whose mission is to help global businesses resolve complex commercial disputes.

Since joining MasterCard in 1984, he held positions of increasing responsibility within the Law Department, including that of senior vice president, U.S. Counsel and assistant general counsel. He left MasterCard from 1990 to 1993 and returned to see the company through its acquisition of Europay and he played an instrumental role in MasterCard's transition from an association to a publicly-traded company beginning May 25, 2006.

"Tim's legal background coupled with his extensive experience leading important portions of our business makes him the ideal candidate to take our company forward," said Ajay Banga, president and chief executive officer, MasterCard. "I'm pleased to announce his appointment as it reflects our thoughtful approach to succession planning. I'm confident Tim will have continued success in his new role.

"I want to acknowledge Noah's contributions to the growth and evolution of MasterCard. I wantwant to personally thank him for his commitment and counsel in helping to make MasterCard the company it is today. The entire MasterCard family joins me in wishing Noah and his family all the best going forward."

Effective April 1, Craig Vosburg will assume the role of chief product officer after holding the role of group executive, U.S. Market Development. Mike Cyr, group executive, U.S. Markets Customer Delivery, will now become responsible for U.S. Market Development; and Jennifer Rademaker, group head, Core Products, Europe, will become group executive, U.S. Markets Customer Delivery, and now joins the company's Operating Committee.