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Michael Miebach is Mastercard new CEO, Banga moves to executive chairman

Miebach will also get a seat on the board at the company, based in Purchase, New York.

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Mastercard | Ajay Banga

Reuters 

Mastercard’s chief executive officer of 10 years, Ajay Banga, will step down at the start of the next year, the company said on Tuesday, and be replaced by Chief Product Officer Michael Miebach. Banga, who took charge of the company just after the 2008-09 financial crisis, has seen the payment processor's revenue triple during his tenure as online shopping gained prominence around the world. India-born Banga will take on the role of executive chairman, while Miebach will become the company's president on March 1. Chairman Richard Haythornthwaite will retire after more ...

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First Published: Tue, February 25 2020. 19:24 IST
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