IPO Pays Off for MasterCard Execs

PURCHASE, N.Y. – Last year’s initial public offering for MasterCard International paid huge dividends for the card giant’s top management, some of whom took home as much as triple their pre-IPO compensation. An annual proxy statement filed by MasterCard with the Securities and Exchange Commission shows Robert Selander, the president and CEO of MasterCard, earned a total of $15.3 million last year, 37% more than the $11.2% he earned in 2005. Alan Heuer, the company’s chief operating officer, earned $10.3 million last year, almost triple the year before; Noah Hanft, general counsel, earned $3.5 million last year, triple the year before; and Chris McWilton, chief financial officer, earned $2.7 million, up from $280,000 in 2005. Those four executives were also paid $11 million in benefits, including stock options, restricted stock and performance unit, on March 1, with $5 million going to Selander; $2.7 million to Heuer; $1.75 million to mcWilton and $1.35 million to Hanft. MasterCard, which went public last May in one of the most successful IPOs in years, is asking shareholders to approve a $500 million buyback of its class M shares from four banking giants who control the company: JP Morgan Chase, Citicorp, HSBC and Bank of America.