As chief innovation officer Garry Lyons prepares to leave Mastercard, the company has announced that its physical and digital payments teams will be integrating into one organization.
The structure change becomes effective on April 2, 2018. Lyons, who will depart the company on June 1 after 10 years, is launching a new venture that will provide services to Mastercard, its partners and its customers. He will also remain a senior advisor to the company’s management committee.
“I’m excited for this next chapter in my career,” said Lyons. “And I’m equally delighted to embark on this journey with Mastercard as a partner as we create new services for our customers.”
Lyons has been credited with the creation of Mastercard Labs, a global R&D effort that studies how technology advancements and consumer trends will affect the company.
“Garry has helped us to think differently about the payment experience, using those sparks to deliver additional value to customers and consumers,” said Ajay Banga, president and chief executive officer, Mastercard. “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.”
Mastercard also announced that Michael Miebach, chief product officer, will lead the new products and innovation team, which will combine core products, digital payments, Mastercard Labs and processing activities.
“Michael’s extensive experience and global perspective has had a significant impact on the product organization in a short time,” said Banga. “I believe that his new structure will best embody the convergence of the physical and digital worlds. The integrated view of value today with an eye toward the future will spark more powerful experiences for the end consumer.”
Miebach was named chief product officer at Mastercard in January 2016. Since then, he has strengthened its core card-based business, as well as helped to expand the company into real-time, account-based payments through the acquisition of Vocalink, which has created the first global network to support both bank account and card-based payments.
“Our company’s differentiation lays in maintaining a laser focus on the consumer experience online and offline, in safe and seamless ways,” said Miebach. “I’m delighted to lead this expanded team that will leverage the best of the physical and digital ecosystems to create powerful solutions for our customers.”