Money Matters, Simplified.
Ajay Banga to be the new CEO of MasterCard
by Samia Sehgal - April 12, 2010 - comments
50-year-old Banga, before coming to MasterCard, spent 13 years working at Citigroup
MasterCard Inc. has named its President and Chief Operating Officer Ajay Banga as its next Chief Executive. He will take charge from July 1 and is stepping on the company’s board, effective immediately.
Banga will come in place of Robert W. Selander, who has been the company's CEO since 1997. Though Slender, 59, will soon end his reign of 13 years, he will continue to be a board member and serve as the vice chairman of the company until retiring on Dec. 31, 2010.
Slender saw the company through its initial public offering in 2006.
From Citigroup to MasterCard
Before coming to MasterCard, 50-year-old Banga spent 13 years working at Citigroup. During his long association with them, Banga served as the chairman and chief executive of the company’s international global consumer group, handling responsibility of the company's brand and marketing work.
While with Citigroup Banga served at various locations including the U.S., Europe, the Middle East and Africa.
His industry knowledge, as well as his deep background in financial services encompassing many geographies, makes him the ideal CEO to successfully drive MasterCard's future growth – MasterCard Chairman Richard Haythornthwaite
He was the Chief Executive Officer of Citi Asia Pacific last year, when MasterCard hired him in what was believed to be part of its succession plan. Banga was among the several executives who quit their jobs at Citigroup last year, and was seen as a successor to Slender since he joined MasterCard in August.
MasterCard Chairman thanks Slender
Crediting Slender for his contribution in taking MasterCard to the heights it enjoys today, Chairman Richard Haythornthwaite said: “We are extremely thankful for his 13 years of leadership as CEO, and look forward to his continued guidance as executive vice chairman.”
He also welcomed Banga on board, saying the company hopes to benefit from his expertise and experience in the field.
"We are fortunate to announce the transition to a leader with Ajay's expertise and experience," he said. "His industry knowledge, as well as his deep background in financial services encompassing many geographies, makes him the ideal CEO to successfully drive MasterCard's future growth.
"As a company doing business in 210 countries and territories, MasterCard and its customers will benefit from Ajay's unique global perspective."
In recent trades, shares of MasterCrad climbed 64 cents to $259.52.