MasterCard Inc. (NYSE: MA) today announced that Bernard S. Y. Fung has been elected to its Board of Directors, effective immediately. Mr. Fung is Chairman and Chief Executive Officer, Aon Asia Pacific Region, a subsidiary operation of the Chicago-based Aon Corporation.
"I'm very pleased that Bernie has joined our board as we begin a new era in MasterCard as a publicly held company," said Bob Selander, MasterCard President and Chief Executive Officer. "His experience in financial risk management and deep knowledge of Asia Pacific and other global markets will help guide our global business strategy to advance commerce worldwide," said Selander.
With the election of Mr. Fung, MasterCard now has seven Class A independent directors with diverse geographical experience, and is expected to elect one more director to this class. Along with Mr. Selander, the board will ultimately number nine Class A directors and three Class M directors.
Background on Bernard S.Y. Fung
Bernard Fung was named Chief Executive Officer of Aon Asia Limited in 1997, Chairman and Chief Executive Officer, Asia, in 2000, and Chairman and Chief Executive Officer, Asia Pacific region in 2004. He joined Aon from Inchcape/Bain Hogg where he was CEO when it was acquired by Aon in 1997. Prior to Aon, he worked for Alexander & Alexander Group in several senior management positions in both Toronto, Canada, and New York. He began his career as audit manager and chartered accountant with KPMG.
Mr. Fung was born in Hong Kong and earned a bachelor's degree in Commerce from St. Mary's University in Halifax, Nova Scotia. He qualified as a Chartered Accountant in Ontario, obtained an associate's designation in risk management and completed the advanced management program at Harvard University's graduate school of business administration.