The MasterCard Foundation

The MasterCard Foundation

March 22, 2013 08:00 ET

News Release: Theodore M. Solso Joins the Board of The MasterCard Foundation

TORONTO, ONTARIO--(Marketwire - March 22, 2013) - The MasterCard Foundation announced today the appointment of Theodore (Tim) M. Solso, former Chairman and Chief Operating Officer of Cummins Inc., to its Board of Directors.

"Tim's business acumen, experience working in Africa, and personal commitment to philanthropy make him an extraordinary addition to The MasterCard Foundation Board," said Lois Juliber, Chair of the Board of The MasterCard Foundation.

Mr. Solso is a respected business leader. Under his leadership, Cummins became a Fortune 250 company that designs, produces, and sells diesel engines, power generation equipment, and related components in more than 190 countries and territories. He was named a top five finalist in Marketwatch's CEO of the Decade and was named one of Barron's "30 Most Respected CEOs." Mr. Solso is a Director of Ball Corp. and General Motors, and has served as a member of President Barack Obama's Management Advisory Board.

A dedicated philanthropist, Mr. Solso is committed to education and poverty reduction. He currently serves on the Board of EARTH University and EARTH University Foundation, and has served on the Board of the Initiative for Global Development. He has received numerous awards including the Ellis Island Medal of Honor, the William R. Laws Human Rights Award, and the DePauw Distinguished Alumni Award for Management and Entrepreneurship.

"It's an honour for me to join such a distinguished Board of Directors," said Mr. Solso. "The MasterCard Foundation has a compelling vision and its work is already improving lives of people living in poverty in Africa. I am excited about contributing to its impact."

Mr. Solso holds an MBA from Harvard University and a Bachelor's degree in psychology from DePauw University.

About The MasterCard Foundation

The MasterCard Foundation is an independent, global organization based in Toronto, Canada, with more than $6 billion in assets. Through collaboration with partner organizations in 49 countries, mostly in Africa, it is creating opportunities for all people to learn and prosper. The Foundation's programs promote financial inclusion and advance youth learning. Established in 2006 through the generosity of MasterCard Worldwide when it became a public company, the Foundation is separate and independent from the company. Its policies, operations, and funding decisions are determined by its own Foundation Board of Directors and President and CEO. For more information on the Foundation, please visit www.mastercardfdn.org.

The members of The MasterCard Foundation Board of Directors are:

  • Lois Juliber, Chair, retired Vice-Chair and Chief Operating Officer of Colgate-Palmolive Company
  • Phillip Clay, former Chancellor and Professor of City Planning at Massachusetts Institute of Technology
  • James Leech, President and Chief Executive Officer of the Ontario Teachers' Pension Plan
  • Festus Mogae, former President of the Republic of Botswana
  • Don Morrison, former Chief Operating Officer of Research in Motion
  • Hutham Olayan, Principal and Director of The Olayan Group
  • Paul Ostergard, former Chairman and Chief Executive Officer of Citigroup Foundation
  • Marguerite Robinson, former Professor, author, and independent consultant on microfinance
  • Theodore Solso, retired Chairman and Chief Executive Officer of Cummins Inc.

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