One of the world’s largest payment card companies has a new general counsel. MasterCard Inc. announced on Feb. 5 that it is promoting Tim Murphy to GC and chief franchise officer, effective at the start of April. Murphy will replace Noah Hanft, who is retiring from the company and will join nonprofit commercial dispute resolution organization the International Institute for Conflict Prevention and Resolution as president and CEO.

“MasterCard is an extraordinary company, and I truly appreciate the opportunities it has given me to work across a range of areas and with excellent people around the world,” said Murphy in a statement. “I know my experience will help me to build on Noah’s strong legacy.”

Murphy is currently MasterCard’s chief product officer, a position he took in 2009. In this job, he led the management, development and commercialization of the company’s core payment solutions. He first joined the payment card giant in 2000, advancing up in the ranks to associate general counsel, then to group executive, customer business planning and analysis, and then to president of MasterCard’s U.S. region.

“Tim’s legal background coupled with his extensive experience leading important portions of our business makes him the ideal candidate to take our company forward,” said Ajay Banga, president and CEO of MasterCard, who added that the promotion reflects the company’s “thoughtful approach to succession planning.” Banga also praised the contributions made by Hanft to the “growth and evolution” of MasterCard. Hanft spent 27 years with the company, and played a key role in the company’s transition to publicly traded status in 2006.

Before going in-house at MasterCard, Murphy spent time as an associate with law firm Cleary, Gottlieb, Steen & Hamilton in New York and London. His job as chief product officer will be filled by Craig Vosburg, who currently holds the title of group executive, U.S. market development.