June 2 (Reuters) – Mastercard named Ling Hai as chief financial officer on Tuesday to succeed Sachin Mehra, who will step into the newly created role of chief business officer, as the payments giant reshuffles leadership as part of a management restructuring.
Mastercard has been investing in emerging payment technologies such as stablecoins while expanding its commercial payments and services businesses, seeking to grow beyond its traditional card-network operations.
The reorganization, effective August 3, is aimed at strengthening customer focus and improving coordination across markets.
Ling Hai has extensive international operating experience and previously led Mastercard’s business across Asia Pacific, Europe, the Middle East and Africa.
Mehra, who has been CFO since 2019, will oversee global country operations as well as sales enablement, partnerships and digital commercialization, Mastercard said.
As part of the reorganization, Linda Kirkpatrick, president of the Americas, will become chief services officer, taking over from Craig Vosburg, who will transition to vice chair and serve as a global ambassador for the company.
In April, Mastercard reported first-quarter profit above Wall Street estimates as resilient consumer spending helped sustain transaction volumes across its payments network.
However, a surge in global energy prices is raising concerns that consumer spending strength may come under pressure, adding uncertainty to the economic outlook.
Including session moves, Mastercard’s shares have fallen about 14.8% YTD.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Pooja Desai)
