Ajay Banga to retire from Mastercard on December 31
Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of the India-US relationship would retire from Mastercard at the end of 2021. Announcing retirement on Tuesday of its Executive Chairman, Banga, effective on December 31, Mastercard Board unanimously elected Merit Janow, currently Lead Independent Director, to serve as non-executive independent chair of the Board of Directors, effective January 1, 2022.
Mastercard is in incredible hands for the next phase: Banga
"With Merit as Chair and the strong foundation Michael Miebach has established as CEO, Mastercard is in incredible hands for the next phase of growth and innovation," said Banga. "I am grateful for the role I have been able to play in Mastercard's evolution and I look forward to where Merit and Michael will lead it next," he said in a statement.
The executive transition was announced in February 2020
Following a successful decade as CEO, Banga transitioned to the Executive Chairman role at the beginning of this year. Among his responsibilities during the transition were serving as a counselor to the CEO and facilitating a smooth transition of key external relationships including customers and regulators to Miebach. Mastercard said this milestone completes a thoughtful and intentional executive transition announced in February 2020.
Banga remained as Executive Chairman to support the transition
When Miebach was announced as CEO-elect, the Board created a pathway for him to deepen his engagement with clients and partners and across every aspect of the business. Banga, 61, remained as Executive Chairman to support the transition, alongside Janow as Lead Independent Director. "For the two decades I have known Ajay, he's been a tremendous inspiration, mentor, and friend," said Miebach.
Janow contributes global perspective with respect to Asia Pacific region
Janow contributes an extensive global perspective as a dean and professor of international economic law and international affairs at Columbia University's School of International and Public Affairs, especially with respect to the Asia Pacific region.
Janow had joined the Board in 2014
Her university career and public board service provide significant insight on technology, innovation, digital matters, cybersecurity, and sustainability. She joined the Board in 2014 and also serves as the Chair of the Nominating & Corporate Governance Committee, the statement said. "On behalf of the Board of Directors, I thank Ajay for his outstanding leadership and commitment to Mastercard for over a decade," Janow said.
Banga's strategic and cultural vision transformed the company: Janow
"His strategic and cultural vision transformed the company into what it is today, a leading payments technology company renowned for the strength of its management, extensive partnerships with organizations of all kinds, and an inclusive mindset and innovative approach to everything," she said.