MasterCard Names New CEO

April 20, 2010 

MasterCard Worldwide recently announced Ajay Banga will succeed Robert Selander as president and CEO on July 1, 2010. Banga, currently MasterCard’s president and COO, joined the Purchase, N.Y.-based card network in August 2009. Previously, he spent 13 years at Citigroup, rising to become chairman and CEO of Citi’s international global consumer group in 2005 and, more recently, CEO of Citi Asia Pacific, responsible for all of the company’s business lines in the region including institutional banking, alternative investments, wealth management, consumer banking and credit cards. “We are fortunate to announce the transition to a leader with Ajay’s expertise and experience,” said Richard Haythornthwaite, chairman, MasterCard board of directors. “His 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.” The retiring Selander led MasterCard since 1997 and shepherded the company through its 2006 IPO.