MasterCard Inc. in Purchase has named Ajay Banga, the company”™s current president and chief operating officer, to succeed CEO Robert W. Selander as of July 1. Banga, 50, will retain the president”™s post in the transition.
Banga joined MasterCard in August 2009 after 13 years at Citigroup, where he became chairman and CEO of Citi’s international global consumer group in 2005 and most recently was CEO of Citi Asia Pacific. He began his business career with Nestle Group in 1981 and later joined PepsiCo Inc.
Selander, 59, will serve as MasterCard”™s executive vice chairman and continue on its board of directors until his retirement on Dec. 31. Under his 13-year leadership, MasterCard evolved from a 40-year-old membership association to public company listed on the New York Stock Exchange in 2006.
In 2009, Barron”™s cited Selander”™s management as a critical reason behind its decision to rank MasterCard”™s operating performance first in the Barron”™s 500 ranking of public companies in the U.S. and Canada. The company was also ranked tenth in Business Week”™s Top 50 Companies in 2009.?Meanwhile, MasterCard Inc. will issue its first-quarter results May 4. The company has scheduled a 9 a.m. (Eastern time) May 4 conference call to discuss the results.
Approximately 1,000 of the company”™s 5,000 employees work in Westchester County, making MasterCard the 17th-largest private employer in the county.
The dial-in information for the call is (866) 362-4831 and the passcode is 28812181.
A replay of the call will be available for one week following the meeting. The replay can be accessed by dialing (888) 286-8010 and using the passcode 39875611.
The company”™s common stock in the last year traded between a low of 149.34 and a high of 269.88; its most recent close as of presstime April 12 was 258.88. ?The conference call also can also be accessed through the Investor Relations section of the company’s website at mastercard.com.
