MasterCard (NYSE: MA) has named a former Citigroup (NYSE: C) executive as the company’s new chief executive officer.
MasterCard named Ajay Banga, MasterCard’s current chief operating officer, as its new CEO replacing Robert Selander. Sanga recently joined MasterCard from Citigroup as part of a succession plan for the credit card network.
After stepping down as CEO, Selander will remain as MasterCards’ executive vice-chairman and will have a seat on the company’s board of directors.
Banga worked at Citigroup for more than 13 years before joining MasterCard. Previously, Banga was CEO of Citigroup’s Asia Pacific region. Banga was also one of Citigroup’s highest paid executives when he received a $10 million compensation package in 2008.
MasterCard will provide Banga a $4.2 million sign-on bonus and the right to leave the company with his up-front compensation if MasterCard failed to succeed him as the CEO of the company by June 30.
