Mastercard CEO of a decade, Ajay Banga, will step down at the beginning of next year. The current Chief Product Officer Michael Miebach will take over from Banga.
Banga proved instrumental for the company when he took over the reins in the aftermath of the 2008-09 financial crisis and has been witness to Mastercard’s revenue tripling during his tenure as the ecommerce sector also flourished across the globe.
As Banga steps down as CEO, he will assume the role of Executive Chairman while Miebach will take up the role of company president from March 1. The current Chairman Richard Haythornthwaite will retire from his role once Banga assumes his new role.
As a part of the new appointment as president, Miebach has entered a compensation agreement that gives him an additional $750,000 to his annual base salary. He will also be receiving an equity grant with an estimated target value of $6.25 Mn.
Prior to joining Mastercard as President of Middle East and Africa in 2019, Miebach also worked as managing director at Barclays Bank and general manager at Citibank.
As the leadership undergoes a change at a global payment processor’s helm, the way forward appears to be paved with a clear succession plan in place. The future of work lies in innovative approaches towards talent management and it will be crucial to see how leaders in the financial sector enter the next decade with robust leadership.
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