- Mastercard announced that CEO Ajay Banga will be stepping down as the head of the company, effective January 1, 2021. He will be succeeded by Mastercard Chief Product Officer Michael Miebach.
Today Mastercard announced that CEO Ajay Banga will be stepping down as the head of the company, effective January 1, 2021. And Banga will assume the role of executive chairman at that time.
Mastercard Chief Product Officer Michael Miebach has been elected as the new CEO by the company’s board. Miebach will also assume the role of president on March 1, 2020. As President of Mastercard, Miebach will oversee the sales, marketing, products, services, and technology organizations.
Mastercard’s current Chairman Richard Haythornthwaite will retire from the Board after more than a decade of exceptional service when Banga assumes the role of Executive Chairman.
Mastercard’s current board member, Merit Janow, Dean of the faculty of Columbia University’s School of International and Public Affairs (SIPA) was unanimously elected by the Board to become Lead Independent Director on January 1, 2021. And she will continue to serve as Chair of the Nominating and Corporate Governance Committee when Haythornthwaite retires.
Janow is a globally recognized expert in international trade and investment with extensive experience in government and regulatory bodies. And her career and public board service provide significant insights on technology innovation and digital matters, including cybersecurity. She joined the Board in 2013.
Key Quotes:
“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 continue to embrace emerging and new technologies, making every device a device of commerce. We’ve built a growth-oriented mindset and operated with a sense of urgency, delivering a 13% compound annual revenue growth from 2009 through 2019, and an ~16X increase in our stock price during my tenure with the company. Driven by disciplined organic and inorganic investments, we have enhanced our technology, data and analytics, and cyber-security capabilities, while also building our position in real-time payments. These efforts have diversified our revenue base and expanded our addressable market. And, the partnerships we’ve developed with governments around the world continue to open doors for operating locally in key markets. All of this has been enabled by our brand and, most importantly, by our incredible people.”
– Mastercard CEO Ajay Banga Ajay Banga
“Mastercard has outstanding people, leading technology and tremendous potential. I am honored to have the opportunity to lead this great company with a team by my side that is second to none. I’ve dedicated the last decade of my career to payment innovation and will continue to evolve and execute Mastercard’s strategy. I would like to thank the Board of Directors for their confidence and trust, and I am excited to continue to partner with Ajay, our leadership team and all of our employees to build solutions that address the current and future needs of the ecosystem as well as pursue new growth opportunities for our company.”
– Mastercard Chief Product Officer Michael Miebach
“On behalf of the Board of Directors, I thank Ajay for his outstanding leadership and commitment to Mastercard. We will continue to benefit from his experience and expertise. Ajay has led the strategic and cultural transformation that has enabled the company to thrive. Michael shares the values Ajay fostered and has played a pivotal role in the company’s transformation. The Board has full confidence in Michael’s leadership, experience and capabilities to build on the extraordinary platform developed under the leadership of Ajay and his predecessors.”
– Mastercard Chairman Richard Haythornthwaite
