The new appointments and corporate restructuring are aimed at promoting growth, the company said. While the executive appointments were effective immediately, the broader realignment is taking place over the next few weeks to become effective on May 1, according to the press release. 

“These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions,” Mastercard CEO Michael Miebach said in the statement. “Our teams will be able to execute faster and deliver more value to our partners and customers.”

Miebach, who formerly was the company’s chief product officer, took over as CEO in 2021, when Ajay Banga stepped out of that role.

As Mastercard revamps the leadership team, it is also saying goodbye to another top executive. Ajay Bhalla, president of cyber and intelligence, is retiring from the company following his 30-year tenure at the card giant.

Purchase, New York-based Mastercard has also made other C-suite changes over the past year. 

Last July, the company hired Rob Beard to serve as its new chief legal officer, general counsel and head of global policy. In March, the company also hired former Utah Gov. and U.S. ambassador Jon Huntsman Jr. as its new president and vice chairman of strategic growth. 

Correction: This story has been updated to correct a description of Mastercard and a reference to Seshadri.