Annual chair letter

April 28, 2025 | By Merit E. Janow

Halfway through the 2020s, it is clear we are in a decade that is defined by global change and a measure of uncertainty. Ongoing digital transformations have revolutionized how we connect with each other and accomplish tasks. The fluid political and economic state of the world produces a demanding environment where success requires a strategic and resilient focus to meet the moment.

Success grows from a strong foundation. In Mastercard’s case, that is its consistent and proven strategy. Michael and his management team have a clear understanding and appreciation for the economic headwinds and tailwinds shaping the environment. By advancing key initiatives across strategic priorities, they are reinforcing a virtuous cycle for growth. Dedication and clarity of vision have helped them build a dynamic organization that is a trusted partner to customers, employees, and communities around the world.

Recent results demonstrate the effectiveness of the approach. The company delivered strong performance throughout 2024 and has carried that momentum into 2025. Achieving this has been no simple task, and progress is not taken for granted.

In his letter, Michael details how Mastercard is built on the company’s three strategic pillars – consumer payments, services, and commercial payments and new flows – to power its presence in the digital economy. This diverse, interconnected model enables Mastercard to lean into its strengths to maintain momentum, while pushing into areas of growth that matter for the future.

As the company approaches its 60th anniversary, the “card” payment remains an important part of Mastercard’s future. At the same time, the company is not standing still. It is expanding in new markets and creating customers by innovating ground-breaking technologies, including in the rich commercial segment. Mastercard offers a broad choice of payments– the myriad ways people and businesses can move money – that is competitive and relevant for every generation of consumer and customer.

Mastercard has further distinguished itself through the array of industry-leading services it provides customers.  When strategically advantageous, acquisitions have also supplemented organic development. For example, last year, Mastercard acquired global threat intelligence leader Recorded Future and top subscription management provider Minna Technologies, thereby expanding Mastercard’s value proposition in key areas.

The relationship between a Board and management is a critical one. Over the course of my career, I have found that an effective Board contributes both an advisory and governance role, while maintaining its independence. Our Board is close enough to appreciate the nuances of the day-to-day without losing the perspective necessary to support an effective culture and promote long-term success in line with our fiduciary responsibilities.

The Board of Directors and I greatly appreciate the level of transparency that Michael and team provide us. Our meetings and briefings are candid and rich exchanges that provide the Board with an understanding of exactly how Mastercard is delivering value to its stakeholders. I value the candor from management when we ask searching questions, and I believe they value the diverse perspectives and deep experience of the Board, as we work to guide an effective strategic direction, advise on execution, and support an even stronger organization.

The company’s Management Committee has also extended this same clarity and transparency to the broader shareholder community, as they did during last year’s Investor Community Meeting. Among the many highlights of that day, it was terrific to see investors engage deeply on two key points: the long-term growth opportunity that Mastercard’s strategy unlocks and the impact that Mastercard delivers on a global scale.

I would like to extend my thanks to Michael, the Management Committee, and all 35,000+ Mastercard employees, whose dedication and hard work make this success possible. I offer a special thank you to our investors for your continued support of Mastercard.

We look forward to connecting and discussing more at our upcoming annual meeting.