MasterCard (NYSE: MA) Names COO Ajay Banga As CEO, Succeeds Selander

MasterCard Inc. announced Monday that President and Chief Operating Officer Ajay Banga will succeed Robert W. Selander as chief executive officer on July 1.

Selander, 59, will serve as executive vice chairman and on the board of directors until his full retirement on Dec. 31.

“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.”

Banja, who was hired from Citigroup just 10 months ago as a potential successor for Selander will also hold his role as President when he makes the transition to chief executive.  

“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,” said Richard Haythornthwaite, chairmen of MasterCard board of directors.

Banga, who is currently working out of the Asia region, plans to focus MasterCard’s efforts on increasing market share in its core business of credit, debit and prepaid cards.

The market for card based transactions has consistently grown the past decade and is expected to hold a 63 percent market share over cash and checks by 2013.

Banga spent 13 years at Citigroup prior to joining MasterCard where he held various senior management positions in the Middle East, Europe and the U.S.