Network International taps Mastercard executive as new boss
Payments processor Network International has hired a top Mastercard executive as its new chief executive following the departure of Simon Haslam.
Nandan Mer, who currently serves as Mastercard’s strategy head for international markets, will take up the role on 1 February.
It comes after Haslam announced plans to retire at the end of the month after four decades in the financial services sector. He will stay at Network International through his six month notice period.
During his 11-year career at Mastercard, Mer has held a number of senior roles, including president of the Japanese business. Prior to this, he was head of international corporate and investment banking at UBA.
Mer will receive a fixed salary of $550,000 (£405,000), on top of which he will be entitled to participate in the company’s annual bonus and long-term incentive plans.
“Nandan’s strong track record of success with Mastercard and strong sector expertise make him an excellent appointment to lead Network through the next stage of our ambitious strategic growth plans,” said chairman Ron Kalifa.
It follows a tough year for London-listed Network International, which saw its share price slashed in half amid reports of short-selling.