Marqeta Names Mike Milotich Permanent CEO

Marqeta, a card issuing platform that enables embedded finance solutions, announced Tuesday (Sept. 9) the appointment of Mike Milotich as its CEO and a director, effective immediately.

Milotich has served in this position on an interim basis since February, a role he held concurrently with his position as CFO.

Judson C. Linville, chair of the Marqeta board, credited Milotich for playing a “key role in strengthening the company’s operations and financial foundation, driving improved profitability and unlocking opportunities for growth” since joining Marqeta.

Following a “thorough search,” the board concluded Milotich was the right leader, describing him as a “highly respected executive with strong customer connections and deep knowledge of both our business and industry.”

Linville further lauded Milotich’s proven abilities as a “talented team builder and thoughtful and steady hand” during his interim leadership, stating, “With Mike at the helm, Marqeta is well-positioned to execute our strategy and deliver long-term value for our shareholders.”

The board will now commence a search for Marqeta’s next CFO, with Milotich continuing in the CFO role until a successor is identified.

Milotich’s background includes serving as Marqeta’s CFO since February 2022, overseeing financial planning and analysis, corporate development, accounting, settlement, and investor relations functions. Before Marqeta, he was senior vice president of corporate finance and investor relations at Visa, and held various business analysis roles at PayPal and American Express.

Last month, Marqeta officially acquired TransactPay to bolster its card program management capabilities in the United Kingdom and Europe.

TransactPay provides bank identification number sponsorship services and is a licensed eMoney institution (EMI) in the U.K. and the European Economic Area, PYMNTS reported. EMIs are required to issue prepaid and virtual cards in those regions, among other things.

The deal will also strengthen digital payments capabilities for customers in the U.K. and European Union and allow existing customers to move more easily into European markets, the release said.