By Paul Ziobro
Marqeta Chief Executive Officer Simon Khalef has stepped down from the payments company, and Financial Chief Mike Milotich will serve as interim CEO until a successor is found.
Khalef stepped down from the role he has held since early 2023. Milotich's appointment to the interim role is effective immediately, while the company conducts a comprehensive search for its next CEO, Marqeta said Wednesday.
Milotich, age 48, has been financial chief since 2022, and prior to that, served as senior vice president of corporate financial and investor relations at Visa. He has also worked at PayPal and American Express.
He will continue to serve as financial chief during the search process.
As interim CEO, Milotich will receive an annual base salary of $550,000, a target annual bonus equal to 75% of his base salary, which will be prorated for the time he serves in the position, and a one-time retention award of $2 million, payable half in cash and the reset in restricted stock, according to a filing with the Securities and Exchange Commission.
Based in Oakland, Calif., Marqeta helps businesses issue and manage payment cards.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
February 26, 2025 16:37 ET (21:37 GMT)
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