Marqeta (NASDAQ: MQ) hires Patti Kangwankij as CFO with major equity grants

Rhea-AI Filing Summary

Marqeta, Inc. reported that it has appointed Patti Kangwankij as Chief Financial Officer, effective February 9, 2026. She will become the company’s principal financial officer, while Mike Milotich will continue as Chief Executive Officer and a board member but will no longer serve as CFO.

Kangwankij, age 42, joins from Roofstock, where she has been CFO since January 2025, and previously held senior finance and strategy roles at Stripe and JPMorgan Chase. Her compensation package includes an initial annual base salary of $475,000, eligibility for an annual incentive bonus equal to 75% of base salary, and a one-time sign-on bonus of $250,000 contingent on at least one year of employment.

She will receive Restricted Stock Units valued at approximately $5,950,000 that vest over about three years and Performance Stock Units with an estimated value of $2,550,000, with performance goals aligned to the broader executive team. She will also participate in Marqeta’s Executive Severance Plan.

Insights

Corporate governance and executive compensation analyst

Marqeta is separating CEO and CFO roles by hiring an experienced external finance leader with a sizeable equity-heavy package.

The company is appointing Patti Kangwankij as Chief Financial Officer effective February 9, 2026, ending the period in which Mike Milotich held both CEO and CFO titles. Separating these roles can strengthen financial oversight by dedicating a senior executive solely to finance, reporting, and capital planning.

The package combines cash and equity: a $475,000 base salary, target bonus of 75% of salary, and a $250,000 sign-on bonus conditioned on one year of service. The largest components are equity awards—RSUs valued at about $5,950,000 vesting over roughly three years and PSUs valued at about $2,550,000 tied to performance goals shared with other executives. This mix emphasizes retention and performance alignment while potentially diluting shareholders modestly over time, within the framework of the existing 2021 Stock Option and Incentive Plan.

The filing notes no related-party relationships or reportable transactions for Kangwankij, and confirms she will be covered by the Executive Severance Plan. Future disclosures about the specific PSU performance metrics and any subsequent changes in executive responsibilities will give investors more detail on how tightly her incentives track long-term value creation.

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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

MARQETA, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-40465

27-4306690

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

180 Grand Avenue, 6th Floor

Oakland, California 94612

(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

Class A common stock, $0.0001 par value per share

MQ

The Nasdaq Stock Market LLC

(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						Press Release issued by Marqeta, Inc., dated January 7, 2026.
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

FAQ

Who did Marqeta (MQ) appoint as its new Chief Financial Officer?

Marqeta appointed Patti Kangwankij as its new Chief Financial Officer, effective February 9, 2026. She will serve as the company’s principal financial officer.

What happens to Mike Milotich’s role at Marqeta (MQ) after the CFO appointment?

Upon Ms. Kangwankij becoming CFO, Mike Milotich will cease serving as Chief Financial Officer and principal financial officer but will continue as Chief Executive Officer and as a member of the board of directors.

What is the compensation package for Marqeta’s new CFO Patti Kangwankij?

Ms. Kangwankij’s package includes an initial annual base salary of $475,000, eligibility for an annual incentive bonus equal to 75% of base salary, a one-time sign-on bonus of $250,000, RSUs valued at about $5,950,000 vesting over roughly three years, and PSUs with an estimated value of $2,550,000.

How will the RSUs and PSUs granted to Marqeta’s new CFO vest?

The RSUs with an approximate value of $5,950,000 will vest over about three years: one-third on the first quarterly vesting date after the one-year anniversary of the vesting commencement date, and an additional one-twelfth on each quarterly vesting date thereafter, subject to continued service. The PSUs, with an estimated value of $2,550,000, will vest based on performance goals and targets that apply to Marqeta’s executive team.

Does Marqeta (MQ) disclose any related-party relationships for the new CFO?

The company states there are no family relationships between Ms. Kangwankij and any executive officer or director, no arrangements with other persons for her appointment, and no transactions involving her that are reportable under Item 404(a) of Regulation S-K.

What prior experience does Marqeta’s new CFO Patti Kangwankij bring?

Ms. Kangwankij has been CFO of Roofstock since January 2025, previously helped scale the finance and strategy function at Stripe from 2018 to 2023, and spent 2004 to 2018 at JPMorgan Chase in roles including Managing Director and CFO for the Partner Credit Card business and Chase Merchant Services, as well as investment banking in multiple sectors.

Will Marqeta’s new CFO receive severance or change in control protection?

Yes. The filing states that Ms. Kangwankij will be eligible for severance and change in control benefits under Marqeta’s Executive Severance Plan.