Marqeta, Inc., the global modern card issuing platform, today announced that its Board of Directors has appointed Mike Milotich as Interim Chief Executive Officer, effective immediately. Mr. Milotich will also continue to serve in his current role of Chief Financial Officer. Mr. Milotich succeeds Simon Khalaf, who has stepped down as Chief Executive Officer and as a Director.

The Company’s Board of Directors has initiated a comprehensive search process, with the assistance of a leading executive search firm, to identify Marqeta’s next CEO.

“As we embark on a new fiscal year and look to position Marqeta for a new chapter of growth and value creation, Simon and the Board have agreed that now is the right time to transition leadership,” said Judson C. Linville, Independent Chair of the Marqeta Board. “The Board is confident that Mike is the right person to lead Marqeta as Interim CEO during this important time for our business. In addition to his strong understanding of our company’s operations, customers and strategy, Mike is a veteran of the payments industry and has been a key driver of Marqeta’s continued growth and path to profitability. With Mike at the helm, Marqeta is well positioned to continue advancing its strategic initiatives as we work to identify the Company’s next CEO.”

“Marqeta was the pioneer of modern card issuing to enable the success and scale of many fintechs and commerce disruptors, and is poised to capitalize on the numerous opportunities as the market expands with embedded finance,” said Mr. Milotich. “We are executing a clear strategy focused on innovation and profitable growth, and I am committed to continuing to work closely with Marqeta’s Board, leadership and talented team members on the exciting path ahead. I am confident in our ability to thrive in today’s complex operating environment and look forward to delivering long-term sustainable value for our customers and shareholders.”

Mr. Linville continued, “On behalf of the Board and everyone at Marqeta, I want to thank Simon for his leadership and contributions during his tenure. We wish him all the best in his future endeavors.”

“It has been a privilege to serve as Marqeta’s CEO and to work alongside such a talented team and one that is dedicated to our customers, partners and shareholders,” said Mr. Khalaf. “I have worked closely with Mike over the past two years and I firmly believe in his leadership of the company as it expands into the embedded finance market.”