Mastercard Completes Planned Board Leadership Transition: Ajay Banga to Retire December 31, 2021 and Merit Janow Named Independent Chair of the Board
September 21 2021 - 4:15PM
Business Wire
Mastercard (NYSE: MA) today announced that Ajay Banga, Executive
Chairman, will retire on December 31, 2021. The Board unanimously
elected Merit Janow, currently Lead Independent Director, to serve
as non-executive Independent Chair of the Board of Directors,
effective January 1, 2022.
“With Merit as Chair and the strong foundation Michael Miebach
has established as CEO, Mastercard is in incredible hands for the
next phase of growth and innovation,” said Banga. “I am grateful
for the role I have been able to play in Mastercard’s evolution and
I look forward to where Merit and Michael will lead it next.”
This milestone completes a thoughtful and intentional executive
transition announced in February 2020. When Miebach was announced
as CEO-elect, the Board created a pathway for him to deepen his
engagement with clients and partners and across every aspect of the
business. Banga remained as Executive Chairman to support the
transition, alongside Janow as Lead Independent Director.
Janow contributes an extensive global perspective as a dean and
professor of international economic law and international affairs
at Columbia University’s School of International and Public
Affairs, especially with respect to the Asia Pacific region. Her
university career, public board service and other initiatives
provide significant insight on technology, innovation, digital
matters, cybersecurity and sustainability. She joined the Board in
2014 and also serves as the Chair of the Nominating & Corporate
Governance Committee.
“On behalf of the Board of Directors, I thank Ajay for his
outstanding leadership and commitment to Mastercard for more than a
decade,” Janow said. “His strategic and cultural vision transformed
the company into what it is today – a leading payments technology
company renowned for the strength of its management, extensive
partnerships with organizations of all kinds, and an inclusive
mindset and innovative approach to everything.”
Following a successful decade as CEO, Banga transitioned to the
Executive Chairman role at the beginning of this year. Among his
responsibilities during the transition were serving as a counselor
to the CEO and facilitating a smooth transition of key external
relationships – including customers and regulators – to
Miebach.
“For the two decades I’ve known Ajay, he’s been a tremendous
inspiration, mentor and friend. His vision and passion for what
Mastercard could accomplish and what we could become is well known.
I am incredibly thankful that we had the opportunity to partner and
create such a thoughtful transition plan,” said Miebach.
“Michael has continued to exemplify our values and
customer-centric approach to the business over the past year,
building on his pivotal role in the company’s evolution. The Board
has full confidence in his vision, leadership and capabilities and
we look forward to working with him to build on the extraordinary
foundation built over the last 55 years,” added Janow.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
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version on businesswire.com: https://www.businesswire.com/news/home/20210921006068/en/
Media Contact Seth Eisen, Global Communications,
Mastercard +1 (914) 249 3153 | Seth.Eisen@mastercard.com
Investor Contact Seth Pruss, Investor Relations, Mastercard
+1 (914) 249 4565 | investor.relations@mastercard.com
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