Mastercard Executive Chairman Ajay Banga to retire on December 31

New York: Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of India-US relationship, would retire from Mastercard at the end of the year, the global credit card company has said. 

Announcing retirement on Tuesday of its executive chairman, Banga, effective on December 31, Mastercard Board unanimously elected Merit Janow, currently lead independent director, to serve as non-executive independent chair of the Board of Directors, effective January 1, 2022. 

“With Merit as Chair and the strong foundation Michael Miebach has established as CEO, Mastercard is in incredible hands for the next phase of growth and innovation,” said Banga. 

“I am grateful for the role I have been able to play in Mastercard’s evolution and I look forward to where Merit and Michael will lead it next,” he said in a statement. 

Following a successful decade as CEO, Banga transitioned to the executive chairman role at the beginning of this year. Among his responsibilities during the transition were serving as a counsellor to the CEO and facilitating a smooth transition of key external relationships – including customers and regulators – to Miebach. 

In a statement, Mastercard said this milestone completes a thoughtful and intentional executive transition announced in February 2020.  

Banga, 61, remained as executive chairman to support the transition, alongside Ms. Janow as lead independent director. 

“On behalf of the Board of Directors, I thank Ajay for his outstanding leadership and commitment to Mastercard for more than a decade,” Ms. Janow said. 

“His strategic and cultural vision transformed the company into what it is today – a leading payments technology company renowned for the strength of its management, extensive partnerships with organisations of all kinds, and an inclusive mindset and innovative approach to everything,” she said. 

Image courtesy of Tejram Sharma | Welcome to The South Asian Times

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