Mastercard restructures as Lyons departs

Source: Mastercard

Mastercard today announced the integration of its physical and digital payments teams under one organization, effective April 2, 2018.

This change comes as Garry Lyons departs the company to launch a new technology initiative closely aligned with Mastercard.

Lyons will leave on June 1 to launch a new outside venture that will provide services to Mastercard, its partners and its customers. He will remain a senior advisor to the company’s Management Committee.

Since joining Mastercard nearly ten years ago, Lyons served as an integral catalyst for the company’s expanded view of payments technology. His entrepreneurial and start-up mindset led to the creation of Mastercard Labs, a global R&D effort that looks at the future from a fresh perspective, determining how advances in technology and consumer trends are going to impact the company’s business.

“Garry has helped us to think differently about the payment experience, using those sparks to deliver additional value to customers and consumers,” said Ajay Banga, president and chief executive officer, Mastercard. “I’m looking forward to the opportunities his new venture will create for our company, both as a customer and as an investor. We look forward to our shared success.”

Prior to joining Mastercard, Garry was chief executive officer of Orbiscom, a leading provider of innovative payment solutions and the inventor of Virtual Card Numbers. He was with Orbiscom since its incorporation, serving in several roles before it was acquired by Mastercard in December 2008.

“I’m excited for this next chapter in my career,” said Garry Lyons, chief innovation officer, Mastercard. “And I’m equally delighted to embark on this journey with Mastercard as a partner as we create new services for our customers.”

Delivering Best Consumer Experience In-Store and Online
Michael Miebach, chief product officer, will lead the newly-formed Products and Innovation team, bringing core products, digital payments, Mastercard Labs and processing activities together. This structure builds on the company’s continued investments in digital solutions to ensure the best consumer experience online and offline, while maintaining the highest levels of safety and security.

This integrated team will accelerate efforts to create the best solutions for consumers and businesses by securing every transaction and simplifying access to the company’s digital assets.

Miebach was originally named chief product officer in January 2016. Over the past two years, he has strengthened the foundation of the company’s core card-based business, while leading the expansion into real-time account-based payments through the acquisition of Vocalink.

“Michael’s extensive experience and global perspective has had a significant impact on the product organization in a short time,” said Banga. “I believe that his new structure will best embody the convergence of the physical and digital worlds. The integrated view of value today with an eye toward the future will spark more powerful experiences for the end consumer.”

“Our company’s differentiation lays in maintaining a laser focus on the consumer experience online and offline, in safe and seamless ways,” said Michael Miebach, chief product officer, Mastercard. “I’m delighted to lead this expanded team that will leverage the best of the physical and digital ecosystems to create powerful solutions for our customers.”

Miebach brings a wealth of insights and global experience from a career in payments and retail banking to drive customer-focused innovation and deliver solutions that provide more than just a transaction. He previously headed Mastercard operations across the Middle East and Africa, and held senior roles at both Barclays Bank and Citibank across Europe, Africa and the Middle East.

Miebach is a member of the board of directors for the nonprofit Accion, which provides him a platform to help bring more people greater opportunities in the formal economy. In 2017, Miebach joined the advisory board of the Ronald McDonald House New York.

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