Former US Ambassador to India Richard Verma has been appointed as General Counsel and Head of Global Public Policy of Mastercard, according to an announcement by the American multinational financial services corporation.

Mastercard appoints former US Ambassador to India Richard Verma as its General Counsel and Head of Global Public Policy. This announcement has been made after the appointment of Tim Murphy, the firm’s general counsel, to the newly created position of chief administrative officer.

Commenting on the appointment, Mastercard says Richard is currently serving as the executive vice president for Global Public Policy and Regulatory Affairs and has been promoted to the General Counsel and Head of Global Public Policy.

Now, Richard would be monitoring the company's core legal and regulatory functions, along with its global and regional public policy teams. Furthermore, Richard would also join the Mastercard's Management Committee, says the company’s media release.

Richard, 52, has served as the US Ambassador to India from 2014 to 2017.

He is the first and only Indian American to serve in this position so far, Richard had joined Mastercard in October 2020, and had brought in more than 25 years of international experience across senior levels of business, law, diplomacy and the military.

Within this short duration, Richard has had a true impact on our engagement with policymakers and others across the globe. Thus, the firm is keen to continue to tap into his extensive experience in public policy, geopolitics, trade and international law, and strong relationships to assist the global move to a digital economy, says Murphy in a statement.