New York: MasterCard Inc named Ajay Banga, its president and chief operating officer, as chief executive to replace outgoing CEO Robert Selander, the company said on Monday.
Banga, 50, will take charge in July. He joined MasterCard in August from Citigroup Inc, in a hire widely seen as part of a succession plan for the credit card network.
Selander will remain as MasterCard’s executive vice chairman and will retain his seat on the company’s board until he retires at the end of the year, the company said. Banga has also joined the board, effective immediately.
Selander, 59, became CEO in March 1997 and oversaw the company’s initial public offering in 2006.
Banga spent 13 years at Citigroup, including a stint as the chairman and chief executive of its international global consumer group, with responsibility for the company’s brand and marketing work.
When MasterCard hired him last year, he was chief executive officer of Citi Asia Pacific, responsible for all of the company’s business lines in the region.
Shares in MasterCard were unchanged in premarket trading, MasterCard shares closed at $258.88 on Friday, up 1.1% since the start of the year.