Mastercard extends Michael Froman's departure to Dec 31; Advisor to CEO from June 1 at reduced pay

Mastercard Inc

Michael Froman will stay until Dec 31, 2023, extended from May 2023, to ensure seamless transition.
Effective June 1, Froman becomes Advisor to CEO at 25% schedule with annual salary of $181,250.
2023 bonus target set at 125% of part-time base salary, prorated to June 1; no new equity awards for 2023.
Existing equity awards remain unmodified; Froman was Vice Chairman and President, Strategic Growth.

item 5.02 item 9.01

Executive movements

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Role change

Michael Froman

Advisor to the CEO

MA · Mastercard Inc

Effective: 2023-06-01
Filed: May 19, 2023, 7:59 PM ET

Effective June 1, 2023 (the “Effective Date”), Mr. Froman will become an Advisor to the CEO and will work on a reduced schedule of 25% of his current full-time commitment at a reduced rate of annual salary of $181,250.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Froman changed role as Advisor to the CEO at Mastercard Inc.

Action: will become
Role: Advisor to the CEO

Exact text from the filing

Effective June 1, 2023 (the “Effective Date”), Mr. Froman will become an Advisor to the CEO and will work on a reduced schedule of 25% of his current full-time commitment at a reduced rate of annual salary of $181,250.

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Mastercard Inc filing history →

Source: SEC EDGAR

accession 0001141391-23-000083

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