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Michael Miebach, Mastercard’s chief product officer, will take over from Ajay Banga as CEO of the company, with Banga becoming executive chairman of the Board. Banga will succeed Richard Haythornthwaite, who has served as chairman since May 2006, who is retiring from the Board. The changes are effective on January 1, 2021.
Mastercard’s Board also unanimously elected Michael Miebach to become President of the company, effective March 1, 2020. As President of the company, Miebach will oversee the 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,” said Banga. “He has a proven track record of building products and running businesses globally."
Also, current board member, Merit Janow, Dean of the faculty of Columbia University’s School of International and Public Affairs, was unanimously elected by the Board to become Lead Independent Director on January 1, 2021.