Banga to begin new innings at Mastercard
Mastercard’s IndianAmerican President and Chief Executive Officer Ajay Banga will step down from his role and assume charge as executive chairman of the Board of Directors (BOD), as the payments giant announced Michael Miebach as the new CEO.
The company said in a statement that Banga will become Executive Chairman of the BOD effective from January 1, 2021. Miebach, currently the Chief Product Officer, will become the CEO and a member of the BOD on January 1, 2021, and, as part of the transition, to become President in March this year.
The Board unanimously elected Miebach to his new role. As President of the company, Miebach will oversee the sales, marketing, products, services and technology organisations.
Banga, 60, who had been Mastercard’s CEO for 10 years, said it has been a “privilege” to be a part of Mastercard's transformation as a company.
“Thanks to the efforts of the entire leadership team, we are well-positioned for future success as we continue to embrace emerging and new technologies, making every device a device of commerce.” The Indian-born top executive said the firm has built a growthoriented mindset and operated with a sense of urgency, delivering a 13 per cent compound annual revenue growth from 2009 through 2019.
Banga further added that as Mastercard moves into the next phase of growth, “we have a deep leadership bench–with Michael at the helm–to take us to the next level.” Banga is among the small and growing group of Indian-americans at the helm of US and global multi-national giants.