On Tuesday, the 25th of February 2020, Mastercard Inc., the Missouri-based American multinational financial services company and credit card issuer, made an announcement saying that its long-time veteran Chief Executive, Ajay Banga, 60, who had been serving the US-based payment processor for more than a decade as its CEO, would be stepping down by end-2020, while the company’s Chief Product Officer, Michael Miebach would be succeeding him.
As a matter of fact, Ajay Banga, the Indian-American business executive from Jalandhar, Punjab, borne in Pune, Maharasthra who completed his school education in Shimla and MBA from the IIM, Ahmedabad (Indian Institute of Management), had begun his business career back in the 1981s in Nestle, where he spent 13 years in sales, marketing and general management.
Later in the April of 2010, the old-school mastermind who had tripled Mastercard Inc.’s entire revenue less than a decade, took charge of the payment processor as its President and Chief Executive Officer. Besides, followed by Banga’s departure as Mastercard Inc.
CEO and President, Miebach would become the company President on March 1st and Banga would act as the executive Chairman of Mastercard Inc, while the Company’s present Chair Richard Haythornthwaite would retire when Banga would shoulder his new role, Mastercard Inc. said in its Tuesday’s (February 25th) statement.