Mastercard CEO Ajay Banga to step down

Mastercard Chief Executive Officer Ajay Banga will step down at the start of the next year and will be replaced by Chief Product Officer Michael Miebach. Banga, who took over as CEO in April 2010, will become executive chairman, Miebach will take over as the company’s president on March 1. Michael Miebach, who is currently the company’s chief product officer. Banga will become the company’s executive chairman, replacing the retiring Richard Haythornthwaite. 

Important takeaways for all competitive exams:

• President of Mastercard South Asia: Porush Singh.
• Mastercard Founded: 1966;  Headquarters: New York, US.

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