8-KLeadership ChangesOther EventsExhibits & Filings

Mastercard Inc 8-K Report, Executive Changes (Nov 5, 2007)

Filed November 5, 2007For Securities:MA

Summary

Mastercard Incorporated (MA) filed an 8-K report on November 5, 2007, to announce a significant leadership change and an organizational realignment. The most crucial piece of information for investors is the appointment of Martina Hund-Mejean as the new Chief Financial Officer (CFO), effective November 15, 2007. Ms. Hund-Mejean brings a wealth of experience from her previous senior financial roles at major corporations such as Tyco International, Lucent Technologies, and General Motors, indicating a strategic move to bolster the company's financial leadership. The report also details Ms. Hund-Mejean's compensation package, which includes a substantial base salary, a sign-on bonus, and significant equity awards (long-term incentive plan grants and stock options). These elements suggest a strong commitment to attracting and retaining top financial talent. Additionally, the filing mentions an organizational realignment, the details of which are expected in a separate press release, hinting at potential strategic shifts within the company's operational structure.

Key Highlights

  • 1Appointment of Martina Hund-Mejean as Chief Financial Officer (CFO) effective November 15, 2007.
  • 2Ms. Hund-Mejean has extensive prior financial leadership experience at Tyco International, Lucent Technologies, and General Motors.
  • 3Ms. Hund-Mejean's compensation package includes a $500,000 annual base salary.
  • 4A lump sum cash sign-on award of $1,225,000 is provided, with a repayment clause if employment terminates under specific conditions within 18 months.
  • 5Significant long-term incentive grants are planned, including a $1,000,000 LTIP grant for the 2008 cycle and a $3,000,000 restricted stock unit grant vesting over three years.
  • 6A stock option grant of 10,000 shares of Class A common stock, vesting over four years, is also part of her compensation.
  • 7Announcement of an organizational realignment alongside the CFO appointment, with further details to be found in a press release.

Frequently Asked Questions

The new Chief Financial Officer (CFO) of Mastercard is Martina Hund-Mejean. Her appointment is effective November 15, 2007.

Ms. Hund-Mejean, 47, has a strong financial background. Prior to joining Mastercard, she served as Senior Vice President and Corporate Treasurer at Tyco International Ltd. from December 2002 to November 2007. Her previous roles include Senior Vice President and Treasurer at Lucent Technologies Inc. and various financial positions at General Motors Corporation.

Ms. Hund-Mejean's compensation includes an annual base salary of $500,000, a $1,225,000 cash sign-on award (subject to repayment conditions), eligibility for the Senior Executive Annual Incentive Compensation Plan, a $1,000,000 LTIP grant for the 2008 cycle, a $3,000,000 restricted stock unit grant vesting over three years, and a stock option grant for 10,000 shares vesting over four years.

Mastercard also announced an organizational realignment concurrently with the appointment of its new CFO. Details of this realignment are provided in a press release attached as an exhibit to this 8-K filing.