MasterCard Announces Board Changes

"I am delighted that Rick has agreed to take on the important role of chairman of the board as MasterCard moves ahead with a new chapter in its 40-year history," said Robert W. Selander, MasterCard president and chief executive officer. "MasterCard is now a publicly traded company with a new governance structure, including a chairman as well as a majority of directors that the board has determined are independent under its established guidelines as well as the corporate governance standards of the New York Stock Exchange.

"Rick's strong leadership and strategic skills, as well as his global experience, should prove invaluable as we pursue our vision of advancing commerce globally," said Selander.

"I'm honored to be chairman of this dynamic company at this very exciting time in MasterCard's history," Haythornthwaite said. "I look forward to working with Bob and my very capable colleagues on the board. As chairman, I will ensure that the board focuses on our shareholder obligations while Bob and his strong management team focus on the company's customers and business as a franchisor, processor and advisor."

"Steve Freiberg, who will serve as one of three directors elected by the financial institutions that are holders of the company's Class M common stock, is one of the true leaders of the payments industry, with extensive background in many aspects of financial services," Selander said. "Having spent more than 25 years in this industry, Steve has a deep understanding of our business and the challenging competitive environment in which we operate. We look forward to benefiting from his insights and guidance."

With the election of Mr. Freiberg, the MasterCard board now consists of 10 members: two Class M directors; seven Class A directors who are independent; and MasterCard President and CEO Robert Selander, also a Class A director.