MasterCard has named Tim Murphy as its new general counsel and chief franchise officer.

Murphy, 46, will be charged with managing the company's legal affairs, public policy and compliance. His appointment is effective April 1, according to MasterCard's Feb. 5 press release.

MasterCard's current general counsel and chief franchise officer, Noah Hanft, plans to step down from the position on March 31. Hanft, 61, is leaving the company for a new role as chief executive and president of the International Institute for Conflict Prevention and Resolution, a non-profit that helps global companies resolve commercial disputes. Hanft spent 27 years at MasterCard.

MasterCard also announced Wednesday that Craig Vosburg, its group executive of U.S. Market Development, will succeed Murphy as chief product officer on April 1.

Murphy joined MasterCard's legal department in 2000 and has since held a number of senior positions at the company, including president of its U.S. region. He most recently served as the MasterCard's chief product officer, leading the development and commercialization of the company's core payment services.  

Murphy's "legal background coupled with his extensive experience leading important portions of our business makes him the ideal candidate to take our company forward," Ajay Banga, president and chief executive of MasterCard, says in the release. "I'm pleased to announce his appointment as it reflects our thoughtful approach to succession planning. I'm confident Tim will have continued success in his new role."

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