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.