Hogg died July 16 at his home in Boca Raton, Florida, from natural causes, a representative for the family said.

Hogg led the firm now known as Mastercard Inc from 1980 to 1988, when it was owned by a group of banks and called Mastercard International.

He oversaw a period of growth at the company with the debut of the Gold Card, aimed at more-affluent customers.

Hogg also introduced a “smart card” to battle fraud and forged the deal to launch a credit card in China.

“A true icon in American business, Russ changed the course of the credit-card industry,” his family said in a statement. “He was forward-thinking, innovative and worked tirelessly to shape some of the greatest companies in the world.”

Hogg also held senior positions at American Airlines and American Express Co.

He was a former special agent with the Federal Bureau of Investigation, according to the family’s statement.

Born on April 28, 1928, he served in the US Navy during World War II as a 17-year-old, the family said.

He attended the Harvard Graduate School of Business Administration and the University of Rhode Island.

Hogg is survived by his wife of 50 years, Dorothy; a son, Jason; and two grandchildren.