The company said in a statement that Banga will take up the new role effective January 1, 2021. Miebach, currently the chief product officer, will become CEO and a boardmember on January 1 as well. As part of the transition, he will become president too on March 1 this year.
The board unanimously elected Miebach to his new role. As president of the company, Miebach will oversee the sales, marketing, products, services and technology organisations. Banga, 60, who had been Mastercard’s CEO for 10 years, said it has been a “privilege” to be a part of Mastercard’s transformation as a company.
“Due to the efforts of the entire leadership team, we are well-positioned for future success as we continue to embrace emerging and new technologies, making every device a device of commerce.” The Indian-born top executive said the company has built a growth-oriented mindset and operated with a sense of urgency, delivering a 13% compounded annual revenue growth from 2009 through 2019.
Banga further added that as Mastercard moves into the next phase of growth, “we have a deep leadership bench with Michael at the helm to take us to the next level”.
Banga is among the small and growing group of Indian-Americans at the helm of US and global multinational giants. Last month, Indian-origin technology executive Arvind Krishna was named CEO of IT giant IBM after a “worldclass succession process”.
Krishna joined the club that includes Microsoft CEO Satya Nadella, Google and Alphabet CEO Sundar Pichai, Mastercard CEO Ajay Banga, PepsiCo’s former CEO Indra Nooyi and Adobe CEO Shantanu Narayen.