MasterCard has named Gilberto Caldart as the president of its Latin America and Caribbean business, succeeding Richard Hartzell, who takes on a new role as head of MasterCard's business with merchants and acquirers across international markets.

Caldart, currently the head of MasterCard's GeoSouth Division of Argentina, Bolivia, Brazil, Chile, Paraguay, Peru and Uruguay, will assume his new role Aug. 1, the card brand announced June 19. He will report to Ann Cairns, president of MasterCard's international markets.

Caldart and Hartzell have played key roles in making Latin America and the Caribbean one of MasterCard's fastest-growing regions, Cairns states in a press release. In addition, "Brazil is the second-largest market in the world for MasterCard," Cairns says. PaymentsSource named Cairns one of the Most Influential Women in Payments this year.

Caldart joined MasterCard in 2008 from Citi Brazil, where he was country business manager, overseeing retail bank, consumer finance and cards business. He spent 26 years with Citi in various positions in Brazil and New York.

"Latin America and the Caribbean region is at the forefront of exciting new developments and I look forward to facing the challenges ahead," Caldart says in the release.

Hartzell, who joined MasterCard in 1993, led MasterCard's operations in the region since 2006. 

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