In six months, G. Henry Mundt 3d will add a new but not unfamiliar dimension to his job as president and chief executive of MasterCard's Cirrus System Inc.
At yearend, when John O. Smith retires as executive vice president of MasterCard International's global debit services group, Mr. Mundt will add his responsibilities as well.
"My biggest challenge will be to continue to build on the momentum we created with the global debit strategy," Mr. Mundt said of linking Cirrus, MasterCard's international automated teller machine network, with Maestro, a global, on-line debit point of sale program jointly owned by MasterCard and Europay International.
"Financial institutions have responded well to it," he said of the strategy to broaden debit programs internationally, "but we've just scratched the surface."
Because the two brands are intertwined, Mr. Mundt said he is familiar with Maestro, and will continue to focus on expanding the program when he assumes his new position.
MasterCard announced the retirement of Mr. Smith, 55, and the promotion of Mr. Mundt this week. H. Eugene Lockhart, the association's chief executive, commended Mr. Smith for helping to develop and implement MasterCard's strategy for providing debit services worldwide. "Both Maestro and the MasterCard/Cirrus ATM network experienced significant growth under John's direction."
The Cirrus System, MasterCard's subsidiary based in Westchester, Ill., reports having 220,000 automated teller machines in 69 countries and territories. The international network has 11,700 members issuing nearly 440 million cards. Monthly, Cirrus said it processes more than 25 million transactions.
Under Smith's leadership, Maestro International has grown to comprise 1,400 members worldwide with 43.2 million Maestro cards, the association said.
Mr. Smith joined the New York-based association in 1989 as president and chief executive of Cirrus after a career in banking and electronic delivery systems that spanned 26 years. In 1991, MasterCard appointed him executive vice president of global debit and general manager of Maestro International.
That same year, Mr. Mundt, 40, was named president and chief executive of Cirrus. Prior, he served as vice president in the indirect financial services group of Chase Manhattan Bank in New York, where he was in charge of strategic and financial planning for the electronic banking, merchant services, and travelers check divisions.
Mr. Mundt said he expects continued growth for Cirrus worldwide, predicting in some regions as much as 100% growth in transaction volume, number of cards, and number of ATMs.
MasterCard will continue to install ATMs, adding Cirrus- and Maestro- branded cards on the network, and trying to create awareness and understanding so cardholders increase usage.
"We see us creating services to help members meet the needs of customers," he added, when it comes to remote and direct banking.