President Biden nominated former Mastercard CEO Ajay Banga to become the next president of the World Bank.
Banga replaces Trump-era World Bank President David Malpass, who stepped down this week following criticism of his remarks that questioned the severity of climate change.
“He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change,” said Biden in a statement about Banga. “He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change.”
Banga was chief executive at Purchase-headquartered Mastercard from 2010 to 2020 and is vice chairman at General Atlantic, a global growth equity investor, and also serves as an advisor to General Atlantic”™s climate-focused fund BeyondNetZero. He is the honorary chairman of the International Chamber of Commerce and is a co-founder of The Cyber Readiness Institute.
