Mark Barnett has been promoted to president of Mastercard Inc’s (MA) European business and will take responsibility for its strategy and operations across 53 countries.
He is to succeed Javier Perez, who retires at the end of 2020.
Mastercard shares closed higher for the fifth time in the past ten trading sessions in New York on Monday. The stock edged up 0.19% ($0.52) to $269.26, after touching an intraday low at $263.09, or a price level not seen since April 28th ($263.05).
Shares of Mastercard Inc have retreated 9.82% so far in 2020 compared with a 12.01% loss for the benchmark index, S&P 500 (SPX).
In 2019, Mastercard’s stock went up 58.28%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.
Barnett is to become part of Mastercard’s management committee on June 1st and will report to Gilberto Caldart, President of Mastercard International.
Previously, Barnett was the head of Mastercard’s UK, Ireland, the Nordics and Baltics division.
“Mark brings with him a wealth of knowledge and experience, he has a proven track record in building new and meaningful partnerships, while creating a culture which fosters new thinking and new ways to deliver,” Gilberto Caldart said in a statement.
“Mark has maintained a laser focus on growing our business and driving and maintaining leadership across multiple product lines and geographies. His continued focus on championing country level transformation while unleashing our true multi-rail capabilities, driving growth and showcasing leadership make him the ideal person to continue accelerating Mastercard in Europe,” Caldart added.
Analyst stock price forecast and recommendation
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Mastercard Inc’s stock price, have a median target of $310.50, with a high estimate of $337.00 and a low estimate of $260.00. The median estimate represents a 15.32% upside compared to the closing price of $269.26 on May 4th.
The same media also reported that at least 27 out of 36 surveyed investment analysts had rated Mastercard Inc’s stock as “Buy”, while 5 – as “Hold”.