MasterCard (MA) has promoted Tim Murphy to general counsel and chief franchise officer.

Murphy, 46, will manage the credit card company's legal affairs, public policy and compliance. He is scheduled to start April 1, MasterCard said Wednesday.

Noah Hanft, the current general counsel and chief franchise officer, plans to step down from the position on March 31. Hanft, 61, is leaving the company for a new role as chief executive and president of the International Institute for Conflict Prevention and Resolution, a nonprofit that helps global companies resolve commercial disputes. Hanft spent 27 years at MasterCard.

Murphy joined MasterCard's legal department in 2000 and has since held a number of senior positions at the company, including president of its U.S. region. He most recently served as chief product officer, leading the development and commercialization of the company's core payment services.

Murphy's "legal background coupled with his extensive experience leading important portions of our business makes him the ideal candidate to take our company forward," Ajay Banga, president and chief executive of MasterCard, said in a news release. "I'm pleased to announce his appointment as it reflects our thoughtful approach to succession planning. I'm confident Tim will have continued success in his new role."

Craig Vosburg, the group executive of U.S. market development for MasterCard, will succeed Murphy as chief product officer on April 1.