Item 3. Legal Proceedings
Item 3. Legal proceedings
Refer to Note 13 (Accrued Expenses and Accrued Litigation) and Note 21 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part II, Item 8.
Item 4. Mine Safety Disclosures
Not applicable.
MASTERCARD 2020 FORM 10-K 33
PART I
EXECUTIVE OFFICERS
Information about our executive officers
(as of February 12, 2021)
Name
Current Position
Age Previous Mastercard Experience Previous Business Experience
Ajay Banga
Executive Chairman
since January 2021
61 Chief Executive Officer (2020)
President and Chief Executive Officer (2010-2020)
President and COO (2009-2010)
Several executive positions at Citigroup, including CEO, Asia Pacific region and Chairman and CEO, International Global Consumer Group
Previous senior leadership experience at Nestlé India and PepsiCo in roles of increasing responsibility
Ajay Bhalla
President, Cyber and
Intelligence Solutions
since November 2018
55 President, Enterprise Security Solutions (2014-2018)
President, Digital Gateway Services (2011-2013)
President, South Asia and Southeast Asia (2008-2011)
Various senior leadership positions, including President, Southeast Asia; Country Manager, Singapore and Head of Marketing, Southeast Asia; Vice President
Various leadership positions at HSBC and Xerox Corporation
Ann Cairns
Vice Chairman
since June 2018
64 President, International (2011-2018)
Managing director, Alvarez & Marsal
CEO, ABN AMRO
Senior corporate and investment banking roles at Citigroup
Gilberto Caldart
President, International
since June 2018
61 President, Latin America and Caribbean region (2013-2018)
Division President, South Latin America/Brazil (2008-2013)
Various leadership positions at Citigroup, including Country Business Manager, Brazil
Michael Fraccaro
Chief People Officer
since July 2016
55 Executive Vice President, Human Resources, Global Products and Solutions (2014-2016)
Senior Vice President, Human Resources, Global Products and Solutions (2012-2014)
Various executive-level human resources positions at HSBC Group, Hong Kong (2000-2012)
Various senior human resources positions in banking and financial services in Australia and the Middle East
Michael Froman
Vice Chairman and President, Strategic Growth
since April 2018
58 Mr. Froman joined the Company in 2018 in his current role
U.S. Trade Representative in the Executive Office of President Obama (2013-2017)
Assistant to the President and Deputy National Security Advisor for International Economic Policy (2009-2013)
Various senior leadership positions at Citigroup, including CEO, CitiInsurance and COO of Citigroup’s alternative investments business
34 MASTERCARD 2020 FORM 10-K
PART I
EXECUTIVE OFFICERS
Name
Current Position Age Previous Mastercard Experience Previous Business Experience
Linda Kirkpatrick
President, North America
since January 2021
44 President, U.S. Issuers (2020)
Executive Vice President, Merchants and Acceptance (2016-2020)
Senior Vice President, Core Merchants (2013-2016)
Senior Vice President, Franchise Development (2011-2013)
Vice President, U.S. Region (2008-2011)
Vice President, Investor Relations
Edward McLaughlin
President, Operations and Technology
since May 2017
55 Chief Information Officer (2016-2017)
Chief Emerging Payments Officer (2010-2015)
Various senior leadership roles, including Chief Franchise Development Officer and Senior Vice President, Bill Payment and Healthcare
Group Vice President, Product and Strategy, Metavante Corporation
Co-Founder and CEO, Paytrust, Inc.
Sachin Mehra
Chief Financial Officer
since April 2019
50 Chief Financial Operations Officer (2018-2019)
Executive Vice President, Commercial Products (2015-2018)
Executive Vice President and Business Financial Officer, North America (2013-2015)
Corporate Treasurer (2010-2013)
Various senior positions at Hess Corporation, including Vice President and Treasurer
Various senior treasury and finance positions, General Motors Corporation and GMAC
Michael Miebach
President and Chief Executive Officer since January 2021
53 President (2020)
Chief Product Officer (2016-2020)
President, Middle East and Africa (2010-2015)
Managing Director, Middle East and North Africa and Managing Director, Sub-Saharan Africa, Barclays Bank PLC
Various executive positions at Citigroup in Germany, Austria, U.K. and Turkey
Tim Murphy
General Counsel
since April 2014
53 Chief Product Officer (2009-2014)
Various senior leadership roles, including President, U.S. Region; Executive Vice President, Customer Business Planning and Analysis; and Senior Vice President and Associate General Counsel
Associate, Cleary, Gottlieb, Steen and Hamilton, New York and London
Raja Rajamannar
Chief Marketing and Communications Officer and President, Healthcare
since January 2016
59 Chief Marketing Officer (2013-2015)
Executive Vice President-Senior Business and Chief Transformation Officer, Anthem (formerly, WellPoint, Inc.) (2012- 2013)
Senior Vice President and Chief Innovation and Marketing Officer, Humana Inc. (2009-2012)
Various management positions at Citigroup, including Executive Vice President and Chief Marketing Officer-Citi Global Cards
MASTERCARD 2020 FORM 10-K 35
PART I
EXECUTIVE OFFICERS
Name
Current Position Age Previous Mastercard Experience Previous Business Experience
Raj Seshadri
President, Data and Services
since January 2020
55 President, U.S. Issuers (2016-2019)
Managing Director, Head of iShares U.S. Wealth Advisory business, BlackRock (2014-2016)
Managing Director, Global Marketing Officer of iShares, BlackRock, Inc. (2012-2014)
Various leadership positions at Citigroup, U.S. Trust Company and McKinsey & Company, Inc.
Kevin Stanton
Chief Transformation Officer
since January 2020
59 Chief Services Officer (2018-2019)
President, Mastercard Advisors (2010-2017)
Various senior leadership roles, including President, Canada; Senior Vice President, Strategy and Market Development; and Vice President, Senior Counsel and North America Region Counsel
Vice President, Counsel, Shawmut National Corporation
Craig Vosburg
Chief Product Officer
since January 2021
53 President, North America (2016-2020)
Chief Product Officer (2014-2015)
Executive Vice President, U.S. Market Development (2010-2014)
Various senior leadership roles, including Head of Mastercard Advisors, U.S. and Canada and Head of Mastercard Advisors, Southeast Asia, Greater China and South Asia/Middle East/Africa
Senior member-financial services practice, Bain & Company and A.T. Kearney
Vice president, CoreStates Financial Corporation
36 MASTERCARD 2020 FORM 10-K
PART II
Item 5. Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities
Item 6. Selected financial data
Item 7. Management’s discussion and analysis of financial condition and results of operations
Item 7A. Quantitative and qualitative disclosures about market risk
Item 8. Financial statements and supplementary data
Item 9. Changes in and disagreements with accountants on accounting and financial disclosure
Item 9A. Controls and procedures
Item 9B. Other information
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUES PURCHASES OF
Item 5. Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities
Our Class A common stock trades on the New York Stock Exchange under the symbol “MA”. At February 9, 2021, we had 73 stockholders of record for our Class A common stock. We believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our Class A common stock is held in “street name” by brokers.
There is currently no established public trading market for our Class B common stock. There were approximately 257 holders of record of our non-voting Class B common stock as of February 9, 2021, constituting approximately 0.8% of our total outstanding equity.
Stock Performance Graph
The graph and table below compare the cumulative total stockholder return of Mastercard’s Class A common stock, the S&P 500 and the S&P 500 Financials for the five-year period ended December 31, 2020. The graph assumes a $100 investment in our Class A common stock and both of the indices and the reinvestment of dividends. Mastercard’s Class B common stock is not publicly traded or listed on any exchange or dealer quotation system.
Comparison of cumulative five-year total return
Total returns to stockholders for each of the years presented were as follows:
Base period Indexed Returns
For the Years Ended December 31,
Company/Index 2015 2016 2017 2018 2019 2020
Mastercard $ 100.00 $ 106.91 $ 157.88 $ 197.86 $ 314.91 $ 378.44
S&P 500 100.00 111.96 136.40 130.42 171.49 203.04
S&P 500 Financials 100.00 122.80 150.04 130.49 172.41 169.49
38 MASTERCARD 2020 FORM 10-K
PART II