Business Context and Reporting Period
This Form 8-K Current Report was filed by Mastercard Inc on September 17, 2013. The filing addresses a corporate governance event regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the resignation of Mark Schwartz from the Board of Directors, effective December 31, 2013. Mr. Schwartz has served on the Board since the company's IPO in May 2006, including roles as Chair of the Audit Committee and member of the Nominating and Corporate Governance Committee.
Outlook, Risks, and Management Commentary
Management stated that Mr. Schwartz's resignation is not due to any disagreement on matters relating to the Company's operations, policies, or practices. The departure is attributed to his full-time responsibilities as Vice Chairman of The Goldman Sachs Group, Inc. and Chairman of Goldman Sachs Asia Pacific, a role he has held since June 2012 while residing in China.
Key Facts for Investor Verification
- Mark Schwartz is resigning from the Board of Directors effective December 31, 2013.
- Mr. Schwartz served as Chair of the Audit Committee and member of the Nominating and Corporate Governance Committee.
- The resignation is voluntary and unrelated to any disagreement with company management or policies.
- Mr. Schwartz's departure is driven by his full-time executive role at The Goldman Sachs Group, Inc.