IPO Pays Big Dividends for MasterCard’s CEO

PURCHASE, N.Y. – Last May’s hugely successful initial public offering for MasterCard Inc. paid off big for the company’s president and CEO, Robert Selander, who earned as much as $30 million for his efforts. Selander, 56, who joined the cards company in 1997, earned a salary of $900,000; $4.9 million from a non-equity incentive plan; $2.5 million on “other compensation” and stock and options that have appreciated in value to as much as $25 million since the almost tripling of MasterCard’s share price in the days since the IPO, according to the company’s proxy statement filed with the Securities and Exchange Commission yesterday. The cards company went public at $39 a share and MasterCard shares closed yesterday at $108.55. MasterCard’s IPO was so successful that both Visa USA and Morgan Stanley’s Discover unit are planing to go public later this year.