MasterCard has named Craig Vosburg president of North America markets.

Vosburg, 48, will be promoted to position on Jan. 1, following the planned resignation of current North America markets president Chris McWilton, the Purchase, N.Y., company said in a Tuesday news release. Vosburg had served as chief product officer since April 2014.

Following Vosburg's move, Michael Miebach will become chief product officer. Raghu Malhotra will then replace Miebach as president of Middle East and Africa.

In his new role, Vosburg will lead consumer-facing activities in the U.S. and Canada, including sales, business development and relationship management with issuers, merchant, governments and acquirers. He will also join MasterCard's executive committee.

Vosburg has also previously served as head of MasterCard Advisors in Southeast Asia, Greater China, and South Asia/Middle East/Africa. He previously worked for Bain & Co. and A.T. Kearney. He has worked on strategies to embed MasterCard's new technology into urban improvement initiatives globally.

McWilton joined MasterCard in 2003 after a 22-year career with KPMG. In addition to president of North America markets, McWilton has also worked as chief financial financial officer, helping orchestrate MasterCard's initial public offering in 2006.

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