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Ajay Banga steps down as Mastercard CEO?

Feb 26, 2020

Ajay has led the strategic and cultural transformation that has enabled the company to prosper

Mastercard CEO

Ajay Banga steps down as Mastercard CEO. Source: shutterstock.com

Mastercard announced that Ajay Banga, President and Chief Executive Officer, will switch its position on January 1, 2021. The company said he will get the role of Executive Chairman of the Board of Directors of Mastercard Incorporated.

Mastercard’s Board elected Michael Miebach, Chief Product Officer, to become Chief Executive Officer and a member of the Board of Directors at the beginning of the next year.

As part of the transition, he will become President of the company on March 1, 2020. As President of the company, Miebach will oversee the sales, marketing, products, services, and technology organizations.

As the company moves into this next phase of growth, we have a deep leadership bench–with Michael at the helm–to take us to the next level. He has a proven track record of building products and running businesses globally. Over his career, Michael has held leadership positions in Europe, the Middle East, and Africa and in the U.S. across payments, data, banking services, and technology. During the course of Michael’s 10 years at Mastercard, he has been a key architect of our multi-rail strategy–including leading the acquisition of Vocalink and the pending transaction with Nets–to address a broader set of payment flows. He’s also a visionary who kickstarted much of the work behind our financial inclusion journey. I am excited to continue working closely with Michael and supporting Mastercard’s success when I become Executive Chairman
Ajay Banga, President and Chief Executive Officer

Banga, 60, who had been Mastercard’s CEO for 10 years, revealed It had been a privilege to be a part of Mastercard’s transformation as a company.

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