MasterCard names Carlos Menendez as executive for global debit business, starting Sept. 1
By APMonday, July 12, 2010
MasterCard names Menendez leader of debit business
PURCHASE, N.Y. — MasterCard Inc. on Monday named Carlos Menendez to lead its global debit card business.
The payments processor said Menendez, 40, will join the company as group executive, global debit, effective Sept. 1. Menendez most recently worked as chief operating officer for Western Europe at Citigroup, where he spent 14 years.
MasterCard President and CEO Ajay Banga, who took the helm earlier this month, also is a former Citigroup executive.
Menendez will be responsible for strategic development for MasterCard’s debit products. The company’s debit business lags competitor Visa in both dollar volume and the number of transactions.
The company ended 2009 with about 262 million debit cards in circulation worldwide, and processed about 10.67 billion transactions last year. That was up from 224 million debit cards and 9.29 billion transactions the prior year.
MasterCard shares slipped $1.85 to close Monday trading at $213.67.
