Wednesday, March 7, 2018
An entrepreneur at heart, Mastercard Chief Innovations Officer Garry Lyons is leaving the Purchase, N.Y.-based card and payments brand to launch a new technology venture closely aligned with the company he has helped to invigorate. Meanwhile, Mastercard is integrating its physical and digital payments teams under one organization, the Products and Innovation team. The reorganization will be effective April 2, 2018; Lyons will depart the company June 1.
Mastercard credits Lyons for being a catalyst for its expanded view of payments technology, as well as for leading the creation of Mastercard Labs, a global research and development effort that looks at the future from a fresh perspective, ascertaining how technology advancements and consumer trends will affect the company's business.
"Garry has helped us to think differently about the payment experience, using those sparks to deliver additional value to customers and consumers," said Mastercard President and CEO Ajay Banga. "I'm looking forward to the opportunities his new venture will create for our company, both as a customer and as an investor. We look forward to our shared success." The startup will provide new services for Mastercard customers the nature of which have not yet been disclosed.
Lyons joined the Mastercard in 2008 when it acquired Orbiscom, a provider of innovative payment solutions and the inventor of Virtual Card Numbers. He had been with the company since its incorporation and was the company's CEO at the time.
Michael Miebach, who became Mastercard's Chief Product Officer in January 2016, will lead the Products and Innovation team in bringing core products, digital payments, Mastercard Labs and processing activities together.
"I believe that his new structure will best embody the convergence of the physical and digital worlds," Banga said. "The integrated view of value today with an eye toward the future will spark more powerful experiences for the end consumer."
Mastercard noted that the structure builds on its continued investments in digital solutions to ensure the best consumer experience online and offline, while maintaining the highest levels of safety and security. It also stated it expects the integrated team "will accelerate efforts to create the best solutions for consumers and businesses by securing every transaction and simplifying access to the company's digital assets."
In reflecting on Miebach's unique contributions, Banga said his "extensive experience and global perspective has had a significant impact on the product organization in a short time." Miebach is credited with strengthening the company's core card-based business while also leading the expansion into real-time, account-based payments through the acquisition of Vocalink.
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