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MasterCard Names Ajay Banga President and Chief Executive Officer Succeeding Robert W. Selander

Discussion in 'Business, Lifestyle & Leisure' started by Tejwant Singh, Apr 13, 2010.

  1. Tejwant Singh

    Tejwant Singh United States
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    MasterCard Names Ajay Banga President and Chief Executive Officer Succeeding Robert W. Selander



    http://www.masterca rd.com/us/ company/en/ newsroom/ ceo_transition_ announcement. html

    MasterCard Incorporated (NYSE:MA) today announced that Ajay Banga, currently MasterCard’s president and chief operating officer, has been named by the Board of Directors to serve as the company’s president and chief executive officer, effective July 1, 2010. The company also announced that Banga has become a member of MasterCard’s Board of Directors, effective immediately.

    Banga, 50, will succeed Robert W. Selander, who has been MasterCard’s chief executive officer since March 1997. Following the transition, Selander, 59, will serve as the company’s executive vice chairman and continue to serve as a member of the company’s Board of Directors through the date of his retirement on December 31, 2010.

    Under Selander’s leadership, MasterCard evolved from a 40-year-old membership association to a NYSE-listed public company on May 25, 2006. In 2009, Barron’s cited Selander’s management as a critical reason behind its decision to rank MasterCard first in the Barron’s 500 – a ranking which assesses operating performance among the 500 largest public companies in the U.S. and Canada. The company was also ranked number 10 in BusinessWeek’ s Top 50 Companies in 2009.

    “Bob is a true visionary – responsible for the transformation of MasterCard into one of the world’s leading companies, and instrumental in shaping today’s payments industry,” said Richard Haythornthwaite, chairman, MasterCard Board of Directors. “We are extremely thankful for his 13 years of leadership as CEO, and look forward to his continued guidance as executive vice chairman.

    “We are fortunate to announce the transition to a leader with Ajay’s expertise and experience. His industry knowledge, as well as his deep background in financial services encompassing many geographies, makes him the ideal CEO to successfully drive MasterCard’s future growth,” concluded Haythornthwaite.

    “Bob is a tremendous professional and I consider myself fortunate to have worked closely with him over the past several months,” said Banga, who joined MasterCard on August 31, 2009. “I am excited to lead MasterCard at a time when the global opportunity for electronic payments has never been stronger.”

    “Since joining MasterCard in late August 2009, Ajay has demonstrated extraordinary leadership and insight, and I know he is the ideal candidate to lead MasterCard moving forward,” said Selander. “As a company doing business in 210 countries and territories, MasterCard and its customers will benefit from Ajay’s unique global perspective.”

    Prior to joining MasterCard, Banga spent 13 years at Citigroup from 1996, and held a variety of senior management roles in the United States and Europe, Middle East, Africa regions before becoming chairman and chief executive officer of Citi's international global consumer group in 2005. He was also responsible for Citi's brand and marketing work across the entire company. Most recently, he was chief executive officer of Citi Asia Pacific, responsible for all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards. He was also a member of Citi's senior leadership and executive committees.

    Beginning his business career with Nestle in 1981, Banga spent the next 13 years in a variety of assignments spanning sales, marketing, and general management. He later joined Pepsico and was instrumental in the launch of its international fast food franchises in India as the economy liberalized.

    Banga serves on the board of Kraft Foods Inc. In addition, he is on the board of trustees of the Asia Society, is a member of the Council on Foreign Relations, The Financial Services Roundtable and The Economic Club of New York, and is a fellow of the Foreign Policy Association.

    Banga was vice chairman of the board of trustees of the New York Hall of Science and a board member of the National Urban League. He was formerly a business sponsor of Citi's African heritage network – NYC. Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world.

    Banga graduated with a B.A. in Economics Honors from Delhi University and is an alumnus of the Indian Institute of Management, Ahmedabad.

    Selander joined MasterCard in 1994, as executive vice president of the company’s Europe, Middle East/Africa and Canada regions. Before joining MasterCard, Selander spent 20 years with Citicorp/Citibank, N.A. where he was responsible for several consumer businesses operating in North America and Europe.
     

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  3. Gyani Jarnail Singh

    Gyani Jarnail Singh Malaysia
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    GREAT NEWS..and a Keshadharee Khalsa shows that Kesh are no hindrance in the Top Ranks....as many in the lower ranks would have us beleive...........
     
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  4. ac_marshall

    ac_marshall
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    Respected Gyaniji,
    Some more examples of leading Keshdharis in corporate world are DPS Kohli (Koutons Apparels), Tejpreet Singh Chopra (CEO of GE India) and Onkar S Kanwar (CEO of Apollo Tyres). Mr. Kohli is also an awardee in India for his great and successful enterpreneurship. He is an inspiring example for people who aspire excellence in business.

    He was an electrical engineer at some firm in Orissa who later succeeded in setting up his own TV sets making business in Delhi. His business house (probably Kohli Electronics that figures in one of the cases filed against the perpetrators of anti-Sikh violence ) was shattered in 1984 by inhuman politically sponsored demons. Without losing hope and with full confidence in God and his abilities he started a retail apparel business "Koutons". This business grew in a phenomenal manner and is one of the most popular retail apparel outlets today.

    He showed the true "Never Give Up" spirit against all hostilities. His brief success story can be read at the link Kavita Chhibber. May the almighty bless him with greater success and let him lead a new saga of retail business.
     
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  5. kds1980

    kds1980 India
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    The question is about future? Whether this trend will continue,I Don't think so especially in India
     
  6. Gyani Jarnail Singh

    Gyani Jarnail Singh Malaysia
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    Kanwardeep Ji..you are too much of a PESSIMIST.....as i said..look for the shepherd and not the vast crowds of sheep..its so easy to see the sheep (anyone can do it)...But to look for a Banga, Kohli, Onkar kanwar, Tejpreet chopra...is WHAT the Big Boys do...thats why they CHOSE these to eb CEO's..Chairmans..and all that.
    On the other hand the "small kids" will shave their heads bald and clen their mustaches and beards the moment they board the plane at delhi...they think ...in a foriegn Land..KESH will eb the Number ONE 'disadvantage"...wont get them employed..will lead to discrimination...its ALL IN THER SMALL HEADS.
    I know quite a few..who landed in Malaysia as "clean shaven"...then Kept back hair and all..JUST to get EMPLOYED as Granthis..ragis..sevadaars in Gurdawras !!! They used to be Keshadharee in Punjab..and then shaved just to go foreign...and when their SHAVED HEADS failed to get them a JOB..they KEPT their Hair BACK !! ha ha ha..rotian karan pureh taal..no convictions...no faith...They Failed to Notice that its NOT whats OUTSIDE that gets them a job..its whats INSIDE them...
    More and More Keshadharee SIKHS...many of them GORAS..are helming huge corporations...kesh is not a hindrance....at all......
    I am an OPTIMIST..as Guur Ji ordered us to be in CHARDEEKALLA ALWAYS. Imagine a PESSIMIST..in Anandpur...Chamkaur...Saragrhi..Chapr Chirree..Lohgarh..Multan..or with the Chhoteh Sahibzadehs in Sirhind....He would have SURRENDERED as HOPELESS to FIGHT...so few..against MILLIONS..whats the use..??? Or said..I WANT 3000 F-16's, Seventh Fleet, 10000 Nuclear Missiles...and a MILLION Man army..THEN I WILL FIGHT in CHAMKAUR ???? Fight with just 40 HUNGRY STARVED sikhs ???? ?????? ??? luckily GGS was also an OPTIMIST.:happysingh:cheer up jios...Khalsa is FOREVER...but you have to beleive it !!
     
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  7. ac_marshall

    ac_marshall
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    Dear Kanwardeep Singhji,
    This trend can ofcourse continue in my opinion. But as you mentioned there are lots of hurdles to face. Corruption and hooliganism (bred and spread by NAA_LAYAK politicians)would be the biggest hurdles. It's high time the people of India stand up united against these carcinoma and destroy them at their roots. This will need courage and will power. May the almighty guide and support us in this holy war against corruption and hooliganism.

    Gurfateh
     
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  8. spnadmin

    spnadmin United States
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    Here is what I have to say.

    CELEBRATE! Celebrate each small step...one small step followed by another small step..makes up the entire journey. Celebrate each one who ties dastar one dastar at a time, and before you know it, one Singh leads a major corporation, and then another, and then another...This is cool.
     
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  9. Tejwant Singh

    Tejwant Singh United States
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    Narayanjot ji,

    Guru Fateh.

    Well said!

    No one could have said it better. Yes, let's celebrate, one dastaar at a time.

    Regards

    Tejwant Singh
     

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