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Mastercard CEO Ajay Banga to step down, insider Michael Miebach tapped

Mastercard CEO Ajay Banga to step down, insider Michael Miebach tapped

Wednesday, February 26, 2020, 8:43 AM

Mastercard's chief executive officer of 10 years, Ajay Banga, will step down at the start of the next year, the company said on Tuesday, and be replaced by Chief Product Officer Michael Miebach. Banga, who took charge of the company just after the 2008-09 financial crisis, has seen the payment processor's revenue triple during his tenure as online shopping gained prominence around the world.
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