Former U.S. Deputy Secretary of State for Management and Resources, Richard R. Verma has rejoined Mastercard as Chief Administrative Officer to oversee the company’s law, government affairs & policy, franchise, corporate security, inclusion & belonging and transformation, risk & operations (TRO) functions.
Verma, the first Indian American to serve as U.S. ambassador to India under President Barack Obama, will also join the executive leadership team and management committee effective May 1, according to a press release from the Purchase, New York-based payment card services company.
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“I am delighted to welcome Rich back to Mastercard. He has had a unique view on the topics impacting people and economies across the globe. Our business and our customers will benefit from his extensive experience and leadership in many ways,” said Michael Miebach, Mastercard’s CEO.
Verma most recently served as the U.S. Deputy Secretary of State for Management and Resources. In this role, he was Chief Operating Officer of the department, leading the department’s efforts on modernization, workforce and strategic issues.
Prior to his earlier tenure at Mastercard as the Chief Legal Officer and Head of Global Public Policy (2020-2023), Verma served as the U.S. Ambassador to India, Assistant Secretary of State for Legislative Affairs, and National Security Advisor to the Senate Majority Leader.
He is a veteran of the U.S. Air Force, and the recipient of numerous military awards and civilian decorations. Verma also had a distinguished career in the private sector, serving as partner at the global law firm of Steptoe & Johnson LLP, and as Senior Counselor to the Albright Stonebridge Group.
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He served as a commissioner on the Prevention of Weapons of Mass Destruction and Terrorism Commission and is a co-author of their landmark report, “World at Risk.” He was also a National Security Fellow at the Center for American Progress, a DC-based think tank.
Verma is the recipient of the State Department’s Distinguished Service Award, the Council on Foreign Relations International Affairs Fellowship, and was ranked by India Abroad as one of the 50 most influential Indian Americans. Verma holds degrees from the Georgetown University Law Center (LLM), American University’s Washington College of Law (JD), and Lehigh University (BS).