Marqeta names Mike Milotich permanent CEO

• Key Insight: The appointment ends a seven-month search for a permanent CEO.
• What's at Stake: Milotich will be charged with continuing to diversify Marqeta's revenue streams away from Jack Dorsey's Block.
• Forward Look: Marqeta has been leaning into buy now, pay later to diversify its business.

Embedded finance and card issuing fintech Marqeta has named Mike Milotich its permanent chief executive, ending a seven-month search following the resignation of Simon Khalaf, the company's former director and CEO. 
Milotich has served as Marqeta's chief financial officer since February 2022 and interim CEO since February 2025. 

"Since joining Marqeta, Mike has played a key role in strengthening the Company's operations and financial foundation, driving improved profitability and unlocking opportunities for growth," said Judson Linville, chair of the Marqeta board, in a statement. "After completing a thorough search, the Board determined that Mike is the right CEO for Marqeta. A highly respected executive with strong customer connections and deep knowledge of both our business and industry, he has proven to be a talented team builder and thoughtful and steady hand while serving as Interim CEO. With Mike at the helm, Marqeta is well-positioned to execute our strategy and deliver long-term value for our shareholders."

Milotich will continue to serve as the company's CFO until the board finds a replacement, according to Marqeta. 

"I'm excited to lead Marqeta at this pivotal time for our company," Milotich said in a statement. "We've made significant progress in advancing our strategic initiatives and sharpening our focus on execution, and I believe in our ability to further accelerate this work as we move forward."

Shares of Marqeta, which trades on the Nasdaq, inched down 1.22%, or 8 cents, to $6.08 as of 11:22 am in New York on the news. 

Sanjay Sakhrani, an analyst at Keefe Bruyette and Woods, called Milotich a "solid choice" for the top job at the fintech. Milotich "is a veteran of the industry and has been a strong steward of Marqeta over his time at the company," Sakharani wrote in a research note to investors Monday morning. 

"Obviously, some investors may have wanted someone with public company CEO experience, but we think Mr. Milotich's experiences at Visa, PayPal and American Express give him a solid pedigree to get the job done," Sakhrani said. "We reiterate our Market Perform rating, but we definitely feel that Marqeta is an underappreciated story in the space."  

With the appointment, Milotich becomes the company's third CEO in as many years. Jason Gardner, Marqeta's founder, stepped aside as CEO in 2022, and was replaced by Khalaf, who left the company earlier this year. 

Milotich will be charged with continuing to diversify Marqeta's revenue streams away from Jack Dorsey's Block. Marqeta powers the Cash App card, which accounted for nearly three quarters of Marqeta's revenue in 2022. As of June 30, 2025, Cash App made up less than half – 45% – of Marqeta's total revenue. 

Marqeta has leaned into lending and buy now, pay later and Visa's Flexible Credentials to help it diversify its revenue streams. The company issues the Affirm Card and the Klarna Card, and wants to eventually make BNPL available as a flexible credential feature in all of its debit card products. 

The company under Milotich's tenure has also sought to make it easier for card issuers to migrate to its platform, an effort that stemmed from its successful migration of Klarna's card in Europe. Marqeta also stood up a white-label app that allows brands to launch cards without heavy integrations.