NEW YORK, July 11, 2006 – Michael Kennedy, former chief financial officer of MasterCard Global Advisors, the consulting arm of MasterCard International, has joined Marakon Associates as CFO and partner. Marakon is a leading strategy consultancy that works with the top management of some of the world’s best-known companies.

Kennedy, who will be based in Marakon’s New York office, replaces Rob Cleveland, the firm’s CFO since January 2003. Cleveland left Marakon last month to pursue opportunities closer to his home in Shelton, Connecticut. He joined Marakon’s former Stamford, Connecticut office as financial director in 1995 before the firm relocated its headquarters to New York in 2000.

In his new role, Kennedy will support the partner group in worldwide planning, treasury and controllership and will drive business growth through leadership of the finance function.

Previously, Kennedy was CFO of MasterCard Global Advisors since June 2005. He joined MasterCard International in 2003 as CFO for MasterCard Europe. Prior to that, he held CFO roles in Europe and was regional CFO in Latin America, and International CFO for John Hancock Financial Services. He has spent significant time working in Europe, Latin America, Southeast Asia and China and has lived in Brussels, Frankfurt and London.

"We’re delighted that someone with Michael’s exceptional financial qualifications, leadership skills and global perspective has decided to join Marakon," said Chief Executive Brian Burwell. "His proven track record of supporting growth and extensive international experience are a perfect fit for our growth ambitions."

Kennedy said he chose Marakon over other opportunities because of the firm’s agility and client focus. "Marakon has a substantial international presence, but with a small, dynamic leadership team that emphasizes quick decision-making and places client impact above all else," he said. "As CFO, I look forward to enhancing that."

Following are more details:

Michael Kennedy joined Mastercard International in March 2003 as CFO for MasterCard Europe, based in Waterloo, Belgium. In June 2005, he was promoted to CFO of MasterCard Global Advisors in New York. Prior to joining Mastercard, he worked for American Express as CFO of Southern Europe, based in Frankfurt, from 1994 to 1997. He later relocated to London and took over as CFO of American Express’ European operations. In 1999, he moved to John Hancock Financial Services and served as International CFO before returning to American Express in 2001 as the CFO of Latin America and the Caribbean. Kennedy holds a B.B.A. in Accounting from Pace University and a Masters in Finance from Fordham University. He is also a member of Financial Executives International, the American Institute of Certified Public Accountants and the New York Society of CPAs.

For additional information, please contact Aviva Tropp at Marakon Associates, +1 212 377 5084.

About Marakon Associates:
Marakon Associates is an international management consulting firm that works with senior executives of large companies on the issues that most drive corporate performance and long-term value. The Economist has called it "a consultancy that has advised some of the world’s most consistently successful companies." Marakon has offices in New York, London, Singapore, Chicago and San Francisco.