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Mastercard chairman Banga to retire at year-end, Janow to head Board

Reuters
Updated ·1 min read
Mastercard President and CEO Banga speaks to attendees during the Department of Homeland Security's Cybersecurity Summit in Manhattan, New York

(Reuters) -Mastercard Inc said on Tuesday Chairman Ajay Banga would retire on Dec. 31, nearly a year after he stepped down as the payment processor's chief executive.

The company said current lead independent director Merit Janow would be the non-executive independent chair and would assume her new role on Jan. 1, 2022.

Janow, who joined the board in 2014, is also a dean and professor of international economic law and international affairs at Columbia University's School of International and Public Affairs, the company said in a statement.

Earlier this year, Banga stepped down from his role as the CEO of the payments processor. He was replaced by company insider Michael Miebach.

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Banga had taken charge of the company just after the 2008-09 financial crisis. During his tenure as the top boss, Mastercard's revenue tripled as online shopping gained prominence around the world.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)