Mastercard names new CEO, Ajay Banga to assume new role of executive chairman

Mastercard's Indian-American President and Chief Executive Officer Ajay Banga will step down from his role and assume charge as Executive Chairman of the Board of Directors, 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 Board of Directors effective January 1, 2021. Miebach, currently the Chief Product Officer, will become Chief Executive Officer and a member of the Board of Directors on January 1, 2021 and, as part of the transition, to become President March 1 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 organizations.

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 ...