Russell E. Hogg, former Mastercard CEO, dies
Former Mastercard International president and CEO Russell E. Hogg passed away this week, according to a notice sent by his family.
Hogg died of natural causes at his home in Boca Raton, Fla. He was 91.
Hogg headed Mastercard's international operations from 1980 to 1988, after holding executive positions with both American Express and American Airlines.
In July of 1988, The New York Times said Hogg's decision to resign from Mastercard "surprised the credit card industry."
Hogg said that he wanted to spend more time with his wife Dorothy and then 16-year-old son Jason and to be part of a smaller business, possibly an "entrepreneurial venture," the Times reported.
During his time with Mastercard, Hogg directed the company's transformation from Interbank to Mastercard, and helped expand the card brand's global presence. In 1987, Hogg led a partnership that resulted in 13 Bank of China subsidiaries issuing the first Mastercard credit card in China, the family notice stated.
Additionally, he was involved in the development of Mastercard products including the travel check, the debit card, smart card and gold card.
Hogg served on major corporate boards, including Mastercard International Inc., Reichold Chemical Corp., Blue Cross/Blue Shield National Board, Macmillan and RevolutionMoney.
He served in the Navy during World War II at the age of 17, and attended the Harvard Graduate School of Business Administration and the University of Rhode Island, which in 1986 awarded an honorary Doctor of Laws degree.
Hogg also became a special agent with the FBI, holding several senior supervisory positions and being involved in investigations and the arrest of a Russian spy, the family said.
"A true icon in American business, Russ changed the course of the credit card industry forever," the Hogg family said in its statement. "He was forward-thinking, innovative and worked tirelessly to shape some of the greatest companies in the world."
Hogg is survived by his wife of 50 years, Dorothy, Jason Hogg and two grandchildren, FJ and Carter.