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| Banga leaves Citi to join MasterCard |
| BS Reporter / Mumbai Jun 21, 2009, 00:32 IST |
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Ajay Banga, Citi’s senior-most executive in the Asia-Pacific, has put in his papers and will join MasterCard Worldwide as its president and chief operating officer.
Forty-nine-year-old Banga, currently Citigroup’s CEO for Asia-Pacific, will be the second-in-command at the world’s second largest credit card company. He will report to president and CEO, Robert Selander, starting August 31. At MasterCard, he will be responsible for key business operations, including customer relationships globally, products, services, marketing, technology and operations.
Banga’s exit is being seen as a blow to Citigroup CEO Vikram Pandit, who said in a speech this week that the bank would look abroad for growth as the US economy slows.
After stints at Nestle India and PepsiCo, Banga, an alumnus of the Indian Institute of Management, Ahmedabad, joined Citi in 1996 as head of marketing and sales in India. He was appointed as business head of CitiFinancial and US consumer assets in 2000. He was appointed to his current position in 2008 after serving as chairman and CEO of Citi’s global consumer group international, which included all credit card and consumer banking operations outside North America. Banga led a major reorganisation of Citigroup’s Asian operations last August that gave regional heads increased authority across the bank’s sprawling product lines.
He received about $10 million in compensation in 2008 from Citigroup, making him one of the firm’s highest paid executives. MasterCard will pay Banga a $4.2 million sign-on bonus and $4.9 million in restricted stock grants, according to a regulatory filing.
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