Together is priceless. Our early start allowed us to do something that in our opinion is key to a strong and well-received CEO succession: We cast a wide internal net. Sr. Marketing Manager at DiDi | Passionate about turning services and products into unique experiences for consumers | Team builder | Experienced in Latin American markets | Music lover. Weve always prided ourselves on having a board and a company that are relatively politics-free, so we wanted to preempt any forming of factions. Sign up for notifications from Insider! Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Over time we have truly transformed every aspect of our business: strategy, structure, product, talent, and culture. Mastercard names Michael Miebach new CEO, Ajay Banga to Michael holds a Master of Business Administration from the University of Passau in Germany. Michael Miebach | World Bank Live The changes are effective Jan. 1. Aged 55, Mastercards CEO, Miebach, was born in 1968. Michael is a member of The Business Roundtable, The Business Council and The International Business Council of the World Economic Forum, and serves as a board member at large for the Ronald McDonald House New York City. Especially for a CEO succession, the process starts and ends with the board, supported by a very small, tightly sealed executive secretariatin particular the chief people officer, who for us was the talented Michael Fraccaro. All Rights Reserved. We knew that all our finalists were happy about that; their strategic views were sufficiently aligned with Ajays to avoid philosophical clashes, and he would be a great help to the future CEO in transition. Ajay joined Mastercard as president and chief operating officer in August 2009 and moved into the CEO seat in July 2010. Banga, who took charge of the company just after the 2008-09 financial crisis, has seen the payment processor's revenue triple during his tenure as online shopping gained prominence around the world. Michael was obviously delighted. Check your money calendar for 2023-24 here and keep your date with your investments, taxes, bills, and all things money. Great succession planning and a fantastic person and leader to carry on the trajectory started by Ajay, well done Mastercard ! Michael's mailing address filed with the SEC is 2000, Purchase Street, Town/Village of Harrison, Westchester County, New In October 2019 we decided to have another succession talk at our end-of-year meeting. Currently, Mastercard employees in some locations are already working in-office, operating on an A Team-B Team schedule.
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