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MasterCard Appoints New CEO

MasterCard has appointed Ajay Banga, currently its president and chief operating officer, as the company’s president and CEO, effective July 1, 2010. It has also appointed Mr Banga as member of MasterCard’s board of directors, effective immediately.

Mr Banga will succeed Robert Selander, who has been MasterCard’s CEO since March 1997. Following the transition, Mr Selander will serve as the company’s executive vice chairman and continue to serve as a member of the company’s board of directors through the date of his retirement on December 31, 2010.

Prior to joining MasterCard, Mr Banga spent 13 years at Citigroup from 1996, and held various senior management roles in the US and Europe, Middle East, Africa regions before becoming chairman and CEO of Citi’s international global consumer group in 2005. Most recently, he was CEO of Citi Asia Pacific. He was also a member of Citi’s senior leadership and executive committees.

Beginning his business career with Nestle in 1981, Mr Banga spent the next 13 years in a variety of assignments spanning sales, marketing, and general management.

Richard Haythornthwaite, chairman of board of directors at MasterCard, said: “Mr Banga’s expertise and experience, industry knowledge, as well as his deep background in financial services encompassing many geographies, makes him the ideal CEO to successfully drive MasterCard’s future growth.”

Mr Banga said: “I am excited to lead MasterCard at a time when the global opportunity for electronic payments has never been stronger.”

Mr Selander said: “Since joining MasterCard in late August 2009, Mr Banga has demonstrated extraordinary leadership and insight, and I know he is the ideal candidate to lead MasterCard moving forward. As a company doing business in 210 countries and territories, MasterCard and its customers will benefit from his unique global perspective.”