Ajay Banga to retire as Mastercard’s executive chairman

Mastercard has announced the retirement of Ajay Banga as executive chairman, effective Dec. 31.

The board of directors of the Purchase company named Merit Janow, currently lead independent director, to serve as nonexecutive independent board chairwoman, effective Jan. 1, 2022.

Banga served as executive chairman since Jan. 1 after an 11-year tenure as Mastercard”™s president and CEO.

Earlier in his career, Banga served in a variety of senior management roles at Citigroup in the U.S. and Europe. Starting in 1996, he spent 13 years at the company, culminating in his appointment as chairman and CEO of Citi”™s international global consumer group in 2005.

Janow is a dean and professor of international economic law and international affairs at Columbia University”™s School of International and Public Affairs. She joined the Mastercard board in 2014 and chairs its nominating and corporate governance committee.