Mastercard CEO Ajay Banga to step down

Mastercard has changed its leadership roles at the top-level by replacing current CEO Ajay Banga with Michael Miebach. Ajay Banga will leave his post on January 1, 2021. He will take a new role in the company by becoming Executive Chairman of the Board of Directors.

Michael Miebach, who is currently Chief Product Officer will become the new CEO after Ajay Banga. As a part of a transition in roles, he will become President of Mastercard on March 1, 2020. As a president, Michael Miebach will look over sales, marketing, products, services and technology organizations.

“As the company moves into this next phase of growth, we have a deep leadership bench–with Michael at the helm–to take us to the next level. He (Michael Miebach) has a proven track record of building products and running businesses globally,” said Ajay Banga.

Richard Haythornthwaite, who is currently the Chairman of Mastercard will retire after Ajay Banga takes up the role of Executive Chairman in Jan 2021. In other leadership role changes, Merit Janow will become Lead Independent Director on January 1, 2021.