IPO Brings Nice Payday For MasterCard Chief
PURCHASE, N.Y. – The initial public offering for MasterCard International paid off handsomely for Robert Selander, CEO of the cards giant. Selander bought 120,000 shares in the IPO at $39 each–earning almost $600,000 on the stock since then in their run-up to almost $44 a share (they closed Friday at $43.95). The cards executive was also granted 287,341 restricted shares–valued at more than $12.5 million at Friday’s closing, according to documents filed with the Securities and Exchange Commission. The shares vest in five annual installments but Selander gets voting rights and earns dividends on the shares immediately. Also receiving restricted shares grants were: Alan Heuer, chief operating officer, 189,953 shares worth $8.4 million; Christopher Thom, chief risk officer, 125,693 shares worth $5 million; Webster Dunbar, president, 84,144 shares valued at $3.7 million; and Noah Hanft, general counsel, 62,997 shares worth $2.8 million.