"Since we united MasterCard and Europay two years ago, we have achieved many broad strategic benefits with the help of Peter’s strong regional leadership," Selander said. "As he prepares to retire, he leaves a solid foundation upon which to build MasterCard’s strength and presence in Europe."

"We now seek to take the MasterCard business to a new level in Europe, and customer focus remains a key priority," Selander continued. "Alex has an outstanding track record of success in delivering customer-centric programs that create market leadership. During his tenure at Deutsche Bank, he developed and decisively implemented strategies that built a world-class franchise."

Labak said, "I am very much looking forward to strengthening further MasterCard’s activities in Europe by actively supporting our customers in the region with targeted programmes that drive success in their payments business."

Labak, 41, is currently Chief Marketing Officer for Deutsche Bank, reporting to the CEO and based in Frankfurt. He has responsibility for all group marketing functions and the bank’s global brand equity management strategy, driving B2C and B2B client programs. During his five years at the bank, he spearheaded its overall global transformation into a recognized industry leader, providing financial solutions focused on demanding clients.

Labak brings a truly global perspective to his new role. Prior to joining Deutsche Bank, he held senior management posts at a diverse range of leading global organizations, including, Johnson & Johnson, in Germany, Canada, Italy, Austria and the United States. He was born in Austria, and holds an MBA from the Wharton School at the University of Pennsylvania and a doctorate from Vienna’s University of Business Administration & Economics.