Summary
Mastercard Inc. filed an 8-K on October 10, 2017, to report a significant executive departure. Gary J. Flood, President of Global Products and Solutions, announced his decision to leave the company effective December 31, 2017. Mr. Flood has had a long tenure with Mastercard, joining in 1986 and holding his current executive role since November 2007. In response to Mr. Flood's departure, Mastercard has a clear succession plan in place. Effective January 1, 2018, Mr. Flood's extensive responsibilities will be divided among five existing senior executives. This approach suggests a strategy of internal redistribution of duties rather than an immediate external hire, leveraging existing leadership to ensure continuity in key business areas. The company also confirmed that Mr. Flood will receive benefits as per his existing employment agreement.
Key Highlights
- 1Gary J. Flood, President of Global Products and Solutions, is departing Mastercard.
- 2Mr. Flood's last day with the company will be December 31, 2017.
- 3Mastercard has established a succession plan to cover Mr. Flood's responsibilities.
- 4Effective January 1, 2018, Mr. Flood's duties will be distributed among five existing senior executives.
- 5The executives assuming Mr. Flood's responsibilities are Ajay Bhalla, Garry Lyons, Michael Miebach, Raja Rajamannar, and Kevin Stanton.
- 6Mr. Flood will receive benefits according to his existing employment arrangement.
- 7A press release detailing this announcement is attached as Exhibit 99.1.