MasterCard’s Board To Add One New Name

Last week, MasterCard announced some proposed changes coming to its board of directors.

The company said its board has nominated Oki Matsumoto for election as an independent director at the annual meeting of its stakeholders scheduled to take place on June 28, 2016. If Matsumoto is elected, MasterCard’s board will have a total of 12 members, including its existing directors.

In a press release, Richard Haythornthwaite, MasterCard board chairman, said:

“We believe Oki’s global perspective, entrepreneurial mindset and extensive experience driving innovation in online financial services will complement the current board skills. As people and businesses interact and transact more through digital channels, these insights will help guide the company’s future, building on our foundation of convenience and security.”

According to the statement, Matsumoto currently serves as the chairman and CEO of a Japanese online investment banking and asset management company called Monex Group. He held positions at both Salomon Brothers and Goldman Sachs and serves on the boards of Kakaku.com and JIN CO. Matsumoto is also a former member of the economic council to the Japanese prime minister and the board of the Tokyo Stock Exchange.

Current MasterCard Directors Marc Olivié and Edward Suning Tian will not seek re-election, MasterCard also confirmed.

“Both Marc and Ed have been key members of the board since our initial public offering 10 years ago,” Ajay Banga, president and CEO of MasterCard, stated. “Their global perspectives and experiences across a wide range of consumer and business segments have been integral in helping to guide the company on our evolution and expansion. The entire board joins me in thanking them for their guidance and wish them all the best.”