After a successful decade as the CEO of Mastercard, Ajay Banga had moved into the role of executive chairman in February this year to facilitate a smooth transition.
The global credit card company has said that Ajay Banga, one of the top Indian-American corporate leaders and a strong supporter of Indo-US ties, will retire from Mastercard at the end of the year.
Announcing the retirement on Tuesday of its Executive Chairman, Mr. Banga, effective December 31, the Mastercard Board unanimously elected Merit Jano, currently an independent director, as a non-executive independent of the Board of Directors with effect from January 1, 2022. will serve as the chairman.
“With Merit as President and with the strong foundation Michael Mibach has established as CEO, Mastercard is in incredible hands for the next phase of growth and innovation,” said Mr. Banga.
“I am grateful for the role I have been able to play in the growth of Mastercard, and I look forward to seeing where Merritt and Michael will take it,” he said in a statement.
After a successful decade as CEO, Mr. Banga took the role of acting chairman earlier this year. His responsibilities during the transition included serving as an advisor to the CEO and facilitating a smooth transition of key external relationships, including clients and regulators.
In a statement, Mastercard said this milestone complements a thoughtful and deliberate executive change announced in February 2020. When Mr. Mibach was announced as CEO-elect, the board paved a path for deepening its engagement with customers and partners, and with every aspect. of business.
Mr. Banga, 61, remained as acting chairman to support the transition, with Ms. Janov as the lead independent director.
“For over two decades I have known Ajay, he has been a tremendous inspiration, mentor and friend. His vision and passion for what Mastercard can achieve and what we can become is well-known. I am incredibly grateful that we had the opportunity to try and create such a thoughtful transition plan,” Mr Miback said.
Ms Jano contributes to a broader global perspective, especially with regard to the Asia Pacific region, as a Dean and Professor of International Economic Law and International Affairs at Columbia University’s School of International and Public Affairs.
His university career, public board service and other initiatives provide important insights on technology, innovation, digital affairs, cyber security and sustainability. She joined the board in 2014 and also serves as the chair of the Nominating and Corporate Governance Committee, the statement said.
“On behalf of the Board of Directors, I thank Ajay for his outstanding leadership and commitment to Mastercard for over a decade,” said Ms Jano.
“His strategic and cultural vision transformed the company into what it is today – a leading payments technology company renowned for its management strengths, extensive partnerships with organizations of all types, and an inclusive mindset and innovative approach to everything. is,” she said.
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