Mastercard said on Tuesday Chief Executive Officer Ajay Banga will step down at the start of the next year and will be replaced by Chief Product Officer Michael Miebach.
While Banga, who took over as CEO in April 2010, will become executive chairman, Miebach will take over as the company’s president on March 1.
Michael Miebach, who is currently the company's chief product officer, will takeover for CEO Ajay Banga to start 2021.Banga will become the company's executive chairman, replacing the retiring Richard Haythornthwaite.
Miebach will also get a seat on the board at the company, based in Purchase, New York.
The Tuesday announcement comes 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, when Banga assumes his new role, the company said in a statement.