Marqeta Announces Leadership Transition
Marqeta (NASDAQ: MQ) announced an immediate leadership transition, with CFO Mike Milotich appointed as Interim CEO, following Simon Khalaf's departure from his roles as CEO and Director. Milotich will maintain his CFO position while serving as interim chief executive.
The Board of Directors has initiated a comprehensive search process with a leading executive search firm to identify Marqeta's next permanent CEO. According to Independent Board Chair Judson C. Linville, this transition comes as the company prepares for a new fiscal year and aims to create new growth opportunities.
Milotich, a payments industry veteran, has been recognized for his role in driving Marqeta's growth and path to profitability. The company, known for pioneering modern card issuing solutions for fintechs and commerce disruptors, is focusing its strategy on innovation and profitable growth as it expands into the embedded finance market.
Marqeta (NASDAQ: MQ) ha annunciato una transizione immediata della leadership, con il CFO Mike Milotich nominato CEO ad interim, dopo la partenza di Simon Khalaf dai suoi ruoli di CEO e Direttore. Milotich manterrà la sua posizione di CFO mentre ricopre il ruolo di amministratore delegato ad interim.
Il Consiglio di Amministrazione ha avviato un processo di ricerca completo con una rinomata società di ricerca di dirigenti per identificare il prossimo CEO permanente di Marqeta. Secondo il Presidente Indipendente del Consiglio Judson C. Linville, questa transizione avviene mentre l'azienda si prepara per un nuovo anno fiscale e mira a creare nuove opportunità di crescita.
Milotich, un veterano dell'industria dei pagamenti, è stato riconosciuto per il suo ruolo nel guidare la crescita di Marqeta e il suo percorso verso la redditività. L'azienda, nota per aver innovato le soluzioni di emissione di carte moderne per fintech e disruptor del commercio, sta concentrando la sua strategia su innovazione e crescita redditizia mentre si espande nel mercato delle finanze integrate.
Marqeta (NASDAQ: MQ) anunció una transición inmediata en el liderazgo, con el CFO Mike Milotich designado como CEO interino, tras la salida de Simon Khalaf de sus roles como CEO y Director. Milotich mantendrá su puesto de CFO mientras ejerce como director ejecutivo interino.
La Junta Directiva ha iniciado un proceso de búsqueda integral con una destacada firma de búsqueda de ejecutivos para identificar al próximo CEO permanente de Marqeta. Según el Presidente Independiente de la Junta, Judson C. Linville, esta transición se produce mientras la empresa se prepara para un nuevo año fiscal y busca crear nuevas oportunidades de crecimiento.
Milotich, un veterano de la industria de pagos, ha sido reconocido por su papel en impulsar el crecimiento de Marqeta y su camino hacia la rentabilidad. La empresa, conocida por ser pionera en soluciones modernas de emisión de tarjetas para fintechs y disruptores del comercio, está enfocando su estrategia en la innovación y el crecimiento rentable mientras se expande en el mercado de finanzas integradas.
Marqeta (NASDAQ: MQ)는 CEO이자 이사인 Simon Khalaf의 퇴임에 따라 CFO Mike Milotich를 임시 CEO로 임명하며 즉각적인 리더십 전환을 발표했습니다. Milotich는 임시 CEO로 재직하는 동안 CFO 직책을 유지합니다.
이사회는 Marqeta의 다음 영구 CEO를 찾기 위해 주요 경영진 검색 회사와 포괄적인 검색 프로세스를 시작했습니다. 독립 이사회 의장인 Judson C. Linville에 따르면, 이번 전환은 회사가 새로운 회계 연도를 준비하고 새로운 성장 기회를 창출하기 위한 노력의 일환으로 이루어졌습니다.
결제 산업의 베테랑인 Milotich는 Marqeta의 성장과 수익성 경로를 추진한 공로로 인정받고 있습니다. 핀테크 및 상업 혁신업체를 위한 현대 카드 발급 솔루션을 선도하는 것으로 알려진 이 회사는 내장 금융 시장으로 확장하면서 혁신과 수익성 있는 성장에 전략을 집중하고 있습니다.
Marqeta (NASDAQ: MQ) a annoncé une transition immédiate de la direction, avec le CFO Mike Milotich nommé CEO par intérim, suite au départ de Simon Khalaf de ses fonctions de CEO et de Directeur. Milotich conservera son poste de CFO tout en exerçant les fonctions de directeur général par intérim.
Le Conseil d'Administration a lancé un processus de recherche complet avec une société de recherche de cadres de premier plan pour identifier le prochain CEO permanent de Marqeta. Selon le Président Indépendant du Conseil, Judson C. Linville, cette transition intervient alors que l'entreprise se prépare pour une nouvelle année fiscale et vise à créer de nouvelles opportunités de croissance.
Milotich, un vétéran de l'industrie des paiements, a été reconnu pour son rôle dans la croissance de Marqeta et son chemin vers la rentabilité. L'entreprise, connue pour avoir été pionnière des solutions modernes d'émission de cartes pour les fintechs et les perturbateurs du commerce, concentre sa stratégie sur l'innovation et la croissance rentable alors qu'elle s'étend sur le marché des finances intégrées.
Marqeta (NASDAQ: MQ) hat einen sofortigen Führungswechsel angekündigt, bei dem CFO Mike Milotich zum Interims-CEO ernannt wurde, nachdem Simon Khalaf seine Rollen als CEO und Direktor aufgegeben hat. Milotich wird seine CFO-Position beibehalten, während er als Interims-Geschäftsführer fungiert.
Der Vorstand hat einen umfassenden Suchprozess mit einer führenden Personalberatung eingeleitet, um den nächsten permanenten CEO von Marqeta zu identifizieren. Laut dem unabhängigen Vorstandsvorsitzenden Judson C. Linville erfolgt dieser Übergang, während das Unternehmen sich auf ein neues Geschäftsjahr vorbereitet und neue Wachstumschancen schaffen möchte.
Milotich, ein Veteran der Zahlungsindustrie, wurde für seine Rolle bei der Förderung des Wachstums von Marqeta und dem Weg zur Rentabilität anerkannt. Das Unternehmen, das für die Pionierarbeit bei modernen Kartenlösungen für Fintechs und Handelsdisruptoren bekannt ist, konzentriert seine Strategie auf Innovation und profitables Wachstum, während es in den Markt für eingebettete Finanzen expandiert.
- Seamless leadership transition with experienced internal candidate
- CFO with strong understanding of operations appointed as interim CEO
- Clear strategic focus on innovation and profitable growth
- Expansion into embedded finance market opportunities
- Unexpected CEO departure creates uncertainty
- Potential disruption during leadership transition period
- Additional responsibilities for CFO could impact financial oversight
Mike Milotich, Marqeta’s Chief Financial Officer, Appointed Interim CEO
The Company’s Board of Directors has initiated a comprehensive search process, with the assistance of a leading executive search firm, to identify Marqeta’s next CEO.
“As we embark on a new fiscal year and look to position Marqeta for a new chapter of growth and value creation, Simon and the Board have agreed that now is the right time to transition leadership,” said Judson C. Linville, Independent Chair of the Marqeta Board. “The Board is confident that Mike is the right person to lead Marqeta as Interim CEO during this important time for our business. In addition to his strong understanding of our company’s operations, customers and strategy, Mike is a veteran of the payments industry and has been a key driver of Marqeta’s continued growth and path to profitability. With Mike at the helm, Marqeta is well positioned to continue advancing its strategic initiatives as we work to identify the Company’s next CEO.”
“Marqeta was the pioneer of modern card issuing to enable the success and scale of many fintechs and commerce disruptors, and is poised to capitalize on the numerous opportunities as the market expands with embedded finance,” said Mr. Milotich. “We are executing a clear strategy focused on innovation and profitable growth, and I am committed to continuing to work closely with Marqeta’s Board, leadership and talented team members on the exciting path ahead. I am confident in our ability to thrive in today’s complex operating environment and look forward to delivering long-term sustainable value for our customers and shareholders.”
Mr. Linville continued, “On behalf of the Board and everyone at Marqeta, I want to thank Simon for his leadership and contributions during his tenure. We wish him all the best in his future endeavors.”
“It has been a privilege to serve as Marqeta’s CEO and to work alongside such a talented team and one that is dedicated to our customers, partners and shareholders,” said Mr. Khalaf. “I have worked closely with Mike over the past two years and I firmly believe in his leadership of the company as it expands into the embedded finance market.”
About Mike Milotich
Mike Milotich has served as Marqeta’s Chief Financial Officer since February 2022, leading the Company’s financial planning and analysis, corporate development, accounting, settlement and investor relations functions. Prior to joining Marqeta, Mike was the Senior Vice President of Corporate Finance and Investor Relations at Visa, responsible for understanding Visa’s business and financial performance, managing the corporate outlook, evaluating M&A opportunities and communicating with the global investor community. Prior to Visa, Mike worked at PayPal and American Express in various business analysis roles. Mike holds a bachelor’s degree from the University of
About Marqeta
Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to our CEO search process, growth and path to profitability, business and strategy. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: challenges with our CEO search process; any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
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Source: Marqeta, Inc.
FAQ
Why did Marqeta (MQ) replace Simon Khalaf as CEO?
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