Rob Beard Leaves Mastercard to Become CLO at Coherent Corp.

Rob Beard has resigned from his position as chief legal and global affairs officer at Mastercard after just 14 months to join Coherent Corp., a laser and electronic components manufacturer, in the same role. This move represents a significant shift from a financial giant with a market value of $477 billion to a smaller tech innovator valued at $15 billion.

During Beard's tenure at Mastercard, the company faced both challenges and opportunities. In March, Mastercard and Visa agreed to a $30 billion settlement to resolve long-standing litigation over excessive swipe fees. However, this settlement was rejected by a judge three months later due to concerns raised by the National Retail Federation and others about high fees and market dominance.

Beard brings over two decades of legal experience to Coherent, including nearly a decade at Micron Technology where he rose from associate general counsel to general counsel. His previous experience also includes roles at Amazon's Lab 126 and law firms Weil, Gotshal & Manges and Shearman & Sterling.

Report by Corporate Counsel