MasterCard today announced the appointment of Michael Fraccaro as chief human resources officer, succeeding Ron Garrow who decided to move with his family back to North Carolina after six years with the company. Fraccaro’s appointment is effective July 8, 2016.
Garrow joined MasterCard in March 2010 as senior vice president of Global Talent Acquisition Management and Development, following 25 years in HR roles at Bank of America and Wachovia. In 2011, he was promoted to executive vice president of global human resources plans and programs and in 2013 he became chief human resources officer.
“Ron has made a significant impact on our organization over the past six years,” said Ajay Banga, president and chief executive officer, MasterCard. “His passion for our people and our organization has transformed our culture and established our company as a great place to work. On behalf of the entire organization, I’d like to wish Ron and his family the very best going forward.”
Fraccaro joined MasterCard in 2012 as executive vice president of human resources for the company’s Global Products and Solutions (GP&S) business. In this role, he supported the company’s growth in key businesses and markets and optimized talent programs in a competitive environment. He was also responsible for leading the global HR integration of new acquisitions and joint ventures.
“Michael’s global experience in leading significant change programs will help MasterCard as we continue to grow and build our business around the world,” said Banga. “He has been working very closely with Ron and we look forward to his continued leadership as we expand our business and maintain a best-in-class culture.”
Prior to joining MasterCard, Fraccaro was a core member of the HR leadership team at HSBC Group for nearly 12 years, based in Hong Kong. Earlier, he held senior HR positions in banking and financial services in Australia and the Middle East, working extensively across different cultures.
Fraccaro holds a Masters of Applied Science, Communication Management from the University of Technology, Sydney and a Bachelor of Education from the Australian Catholic University. He also has accreditation in change management from the Australian Graduate School of Management and attended leadership programs at Duke Fuqua and INSEAD.