Former Mastercard legal chief returning to company as CAO

Richard Verma is returning to Mastercard as chief administrative officer (CAO). In that role he will oversee the company’s function for law, government affairs and policy; franchising; corporate security; inclusion and belonging; and transformation, risk and operations.

Verma was previously with Mastercard between 2020 and 2023 as chief legal officer and head of global public policy. Since his earlier tenure and until last month he was US deputy secretary of state for management and resources. In that role he was COO of the US Department of State, leading its efforts on modernization, workforce and strategic issues.

Before his first time at Mastercard he was the US Ambassador to India, assistant secretary of state for legislative affairs and national security adviser to then Senate majority leader Harry Reid. According to his LinkedIn profile, his previous experiences also include being a partner with Steptoe & Johnson and member of the T Rowe Price board.

Verma will rejoin Mastercard as Tim Murphy is appointed vice chair of the company. Murphy has been CAO at the firm since 2021. In his new role he will oversee a range of strategically important initiatives, including Mastercard’s relationships with global regulators.

Both changes are effective May 1. Verma and Murphy will report to Mastercard CEO Michael Miebach.

Miebach says in a statement: ‘Tim has played an instrumental role at Mastercard for more than two decades. He has guided and counseled so many of our teams as we evolved many parts of the business – from advancing our legal and regulatory affairs to shaping our inclusion strategy. In each role, Tim has been instrumental in embedding our values into every aspect of our business.

‘I am delighted to welcome Rich back to Mastercard. He has had a unique view on the topics impacting people and economies across the globe. Our business and our customers will benefit from his extensive experience and leadership in many ways.’