Summary
Mastercard Inc. announced a significant leadership transition within its International division, effective June 1, 2018. Ann Cairns, currently President of International, will move to the newly created role of Vice Chairman. Gilberto Caldart, who leads the Latin America and Caribbean division, will succeed Ms. Cairns as President of International. This change reflects a strategic realignment of senior leadership, aimed at leveraging experience in new capacities and driving future growth.
Key Highlights
- 1Ann Cairns transitions from President, International to Vice Chairman effective June 1, 2018.
- 2Gilberto Caldart appointed as the new President, International, succeeding Ann Cairns.
- 3Ms. Cairns' employment agreement will be amended to reflect changes in compensation and benefits.
- 4Ms. Cairns' 2018 base salary will be reduced from £406,250 to £300,000.
- 5Ms. Cairns will no longer be eligible for future cash bonus payments under the Senior Executive Annual Incentive Compensation Plan.
- 6Ms. Cairns will receive a fixed payment upon departure, including 18 months of base salary continuation and 1.5 times her 2017 annual incentive bonus.
- 7Ms. Cairns remains eligible for awards under the Company’s Long Term Incentive Plan.
Frequently Asked Questions
Ann Cairns is transitioning from her role as President, International to a newly created position of Vice Chairman, effective June 1, 2018. This move is a senior leadership change designed to leverage her experience in a different capacity.
Gilberto Caldart, who currently serves as President of Latin America and the Caribbean, will take over as President, International, effective June 1, 2018.
Her 2018 base salary will be reduced to £300,000. She will also not be eligible for future cash bonus payments under the Senior Executive Annual Incentive Compensation Plan. However, she will remain eligible for Long Term Incentive Plan awards.
Should Ms. Cairns leave the Company, she is entitled to a fixed payment equivalent to 18 months of her base salary (as of May 31, 2018) plus an amount equal to 1.5 times her 2017 annual incentive bonus.