Archive for May, 2010

MasterCard Names Banga New CEO

Wednesday, May 12th, 2010

As CEO of MasterCard Inc Robert Selander prepares for retirement, the company has chosen Chief Operating Officer and President Ajay Banga to be the new chief executive officer. He will officially become the new CEO in July 2010.

Ajay Banga, 50, entered the credit card company in August 2005. Prior to MasterCard he was with Citigroup Inc and served senior management roles.

As for Selander, he will retain his role on the board and take the role of vice chairman until his retirement, which will start at the end of 2010. He has been the firm’s CEO since 1997.

According to Chairman Richard Haythornthwaite, the company is fortunate to have a leader that possesses Banga’s experience and expertise in the field of banking. Haythornthwaite added that Banga’s extensive background in financial services, as well as his industry knowledge, cover many countries, making him an ideal CEO that will successfully guide the future growth of MasterCard in the country and around the world.

Banga, the heir of the MasterCard empire, is one of the few executives remaining as others Citigroup last year to look for other jobs. While still working for his previous employer, Banga experienced working in various locations, including the Middle East, Asia, Europe and the United States.

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Profiles in Business: Karl Albrecht

Thursday, May 6th, 2010

Karl Albrecht is a 90-year old German businessman who established the discount supermarket empire Albrecht Discount, or Aldi. Albrecht is one of the richest men in the world. He is currently ranked as the sixth richest man by Forbes Magazine with a net worth of over $23.5 billion in 2010.

Born on February 20, 1920 in Essen, Germany, Karl Albrecht’s humble beginnings as a son of a former miner turned baker’s assistant and a mother who owned a small grocery store in Schonnebeck, Germany, instilled in him a sense of industriousness that equipped him with almost everything he needed for his entrepreneurial career. His younger brother, Theo Albrecht, shared the same business vigor. The brothers had their own modest careers in their youth, with Theo working as an apprentice in their mother’s shop and Karl working in a delicatessen store. Eventually, their mother’s store was passed on to Karl and Theo at the end of World War II.

In 1961, the brothers opened their first Aldi store. The Albrechts eventually grew their business into a supermarket giant all across Europe. Later on, they divided the company into two distinct organizations, Aldi Sud (South) and Aldi Nord (North). Karl took over Aldi Sud while his brother controlled Aldi Nord.

By the year 1997, Aldi expanded to over 3,000 stores in Germany alone. By 2009, Aldi penetrated other countries such as the United States, United Kingdom, Ireland, Greece, Hungary, Slovenia, Switzerland, Australia and Austria, with 8,500 stores across the world. Despite Karl Albrecht’s retirement from the daily operations of Aldi Sud in 1994, the company continued to achieve success as he led Aldi as its chairman. He eventually stepped down from his post in 2002.

With Aldi’s immense success, Karl and Theo Albrecht became self-made billionaires. The brothers are now the richest individuals in Germany.

Karl Albrecht is known for his very private lifestyle. Aside from his business success, the public knows little about him other than his family and hobbies. He is married with two children, neither of whom are working for Aldi. He is a golf fan, an orchid enthusiast and an antique collector.

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