Mastercard names product chief Michael Miebach as CEO, Ajay Banga moves to executive chairman

Ajay Banga, main govt officer of MasterCard Inc.

Pau Barrena | Bloomberg | Getty Photographs

Mastercard announced on Tuesday that CEO Ajay Banga will leave his present posture and acquire about as the company’s govt chairman.

The shift will be productive Jan. 1, 2021. Banga will be getting above as chairman for Richard Haythornthwaite, who has served in that purpose given that May perhaps 2006.

Michael Miebach, Mastercard’s main solution officer, will realize success Banga as CEO.

Miebach has “as a demonstrated monitor history of making goods and operating corporations globally,” Banga said in a statement. “Through the program of Michael’s 10 yrs at Mastercard, he has been a key architect of our multi-rail technique — including primary the acquisition of Vocalink and the pending transaction with Nets — to address a broader established of payment flows.”

Mastercard’s announcement arrived a working day following the credit rating card corporation warned the coronavirus outbreak could strike its 2020 earnings. The inventory traded 2% reduce in the premarket. “If the effect is confined to the 1st quarter only, we count on that our 2020 annual calendar year-more than-year internet income advancement rate would be at the minimal stop of the low-teens variety,” Mastercard mentioned.

The firm’s govt transform appears to be unrelated to its revenue warning. 

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