Mastercard CEO Ajay Banga to step down in 2021 to take on as Executive Chairman
Mastercard has announced that Chief Executive Officer Ajay Banga will step down at the start of 2021 and take on the role of Executive Chairman. Banga will succeed Richard Haythornthwaite, who has served as Chairman since May 2006. Michael Miebach, who is currently the Chief Product Officer, will replace Banga and will also get a seat on the board at the company. As Banga will become Executive Chairman, Miebach will also get a seat on the board at the company, based in Purchase, New York.
The announcement came a day after Mastercard Inc. said that first-quarter revenue growth might be about 2 to 3 percentage points lower than previously predicted due to the viral outbreak in China. Shares fell 2.1% in premarket trading.
Chairman Richard Haythornthwaite will retire after more than a decade in the role.
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