MQ 8-K
Marqeta, Inc. (MQ)
8-K
2026-01-07
For: 2026-01-07
View Original
Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 7, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (510 ) 671-5437
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Financial Officer
On January 7, 2026, Marqeta, Inc. (the “Company”) announced the appointment of Patti Kangwankij as Chief Financial Officer, effective February 9, 2026. In this role, Ms. Kangwankij will lead the finance organization and assume the duties of the Company’s principal financial officer. At that time, Mr. Milotich, the Company’s current Chief Executive Officer and Chief Financial Officer, will cease serving in the Chief Financial Officer role and will no longer serve as the Company’s principal financial officer. Mr. Milotich will continue to serve as the Chief Executive Officer and as a member of the board of directors.
Ms. Kangwankij, age 42, will join Marqeta from Roofstock, where she has served as Chief Financial Officer since January 2025, leading the company’s financial strategy and overseeing strategic planning to drive growth and innovation. Prior to joining Roofstock, she played a pivotal role at Stripe, where she was instrumental in scaling the finance and strategy function during a period of rapid expansion from 2018 to 2023. Ms. Kangwankij began her career at JPMorgan Chase, from 2004 to 2018, including roles such as Managing Director and CFO for the Partner Credit Card business and the Chase Merchant Services (formerly Paymentech), as well as supporting companies as an investment banker in the technology, financial services, healthcare, and real estate industries. Ms. Kangwankij holds a Masters of Business Administration from Columbia Business School and a Bachelor of Science in Finance and Accounting from The Wharton School.
There are no family relationships between Ms. Kangwankij and any executive officer or director of the Company, there are no understandings or arrangements between Ms. Kangwankij and any other person pursuant to which Ms. Kangwankij was appointed as Chief Financial Officer and Ms. Kangwankij has no transactions reportable under Item 404(a) of Regulation S-K.
Ms. Kangwankij initial annual base salary as Chief Financial Officer will be $475,000 and she will be eligible for an annual incentive bonus of 75% of her annual base salary, which currently would be governed by the Company’s existing Executive Bonus Plan. Ms. Kangwankij will be granted a one-time discretionary sign-on bonus of $250,000 contingent on remaining employed by the Company for at least one year. She will be granted Restricted Stock Units (“RSUs”) having an approximate value of $5,950,000 that will vest over approximately three years as follows, provided she remains in continuous service through the applicable vesting date: (i) with respect to the first 1/3 of the RSUs on the first quarterly “vesting date” occurring after the one-year anniversary of the vesting commencement date and (ii) with respect to an additional 1/12th of the RSUs on each quarterly vesting date thereafter. She will be granted Performance Stock Units (“PSUs”) with an estimated value of $2,550,000 (“PSU Value”), where the PSU Value shall be converted into a number of PSUs by dividing the PSU Value by the average closing market price of one share of the Company’s Class A common stock for the twenty (20) consecutive trading day period ending on the last trading day prior to the Grant Date, rounded down to the nearest whole share. PSU grants are typically granted for the executive team in the 1st quarter of each year. The performance-based vesting terms that apply to the PSUs will be the same goals and targets that apply to each executive team member. The provisions of Ms. Kangwankij’s RSUs and PSUs will otherwise be subject to the provisions of the Company’s standard forms and the Company’s 2021 Stock Option and Incentive Plan. Ms. Kangwankij will be eligible for severance and change in control benefits under the Company’s Executive Severance Plan.
The foregoing description of the offer letter does not purport to be complete and is qualified in its entirety by reference to the complete text of the agreement, a copy of which will be included as an exhibit to the Company’s future SEC filings.
A copy of the press release regarding this announcement is attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARQETA, INC. | |||||
| Date: January 7, 2026 | /s/ Michael (Mike) Milotich | ||||
| Michael (Mike) Milotich | |||||
| Chief Executive Officer and Chief Financial Officer | |||||
Marqeta Announces Appointment of Patti Kangwankij as CFO
OAKLAND, Calif., January 7, 2026 — Marqeta, Inc. (NASDAQ: MQ), the modern card issuing platform, today announced the appointment of Patti Kangwankij as the Company’s Chief Financial Officer, effective February 9, 2026. Ms. Kangwankij will oversee all aspects of Marqeta’s financial operations, supporting the Company’s strategy to drive rapid growth and enhanced profitability. She will succeed Mike Milotich as CFO who, as previously announced, was appointed Marqeta’s Chief Executive Officer in September 2025.
Ms. Kangwankij is an experienced finance executive with over 20 years of experience across the technology, financial and global payments industries. She will join Marqeta from real estate technology company Roofstock, where she serves as CFO. Prior to that, Ms. Kangwankij was Head of Payments Finance and Strategy at Stripe, where she was instrumental in scaling the finance and strategy function during a period of rapid growth. Ms. Kangwankij previously worked at JPMorgan Chase & Co., starting in the investment bank, before serving as Managing Director & CFO for both the Co-Branded Credit Card and Merchant Services businesses during her nearly 15-year tenure.
“We are thrilled to welcome Patti to the Marqeta team,” said Mike Milotich, CEO and CFO of Marqeta. "She brings deep payments industry expertise, and her leadership will be a critical asset as we continue to execute our strategy, scale our platform, and enable customer innovation in card issuing. Patti is the right leader to guide our finance organization and help accelerate our momentum and capture the significant opportunities ahead.”
“I’m honored to join Marqeta at such a pivotal moment,” said Ms. Kangwankij. “The Company is well positioned for continued success, with a clear customer-centric approach and strong relationships across a growing customer and partner ecosystem. I’m excited by Marqeta’s vision, technology foundation, and talented team, and I look forward to advancing our shared goals to drive sustainable growth and deliver long-term value for shareholders."
About Marqeta
Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly $300 billion in annual payments volume in 2024. Marqeta is certified to operate in more than 40 countries worldwide. Visit www.marqeta.com to learn more.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to our CFO search process, growth, value creation, business and strategy. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: challenges with our CFO search process; any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta’s Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
Contacts
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Maria Graizer
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Jessica Miller