India gives yet another gem to lead a multinational company. Ajay Banga has been appointed as the Chief Executive Officer of MasterCard. He was working with the company as its President and Chief Operating Officer.
Banga will be seated as CEO from 1st July 2010 and would be a member of the board with immediate effect. Prior to MasterCard he was working with Citi Group.
Banga has been added to the list of Indians who have taken charge of MNCs post the economic slowdown. The other Indian names include Vikram Pandit, CEO, Citi; Deven Sharma, president, Standard and Poor’s; and Piyush Gupta, CEO, DBS Group.
After spending 13 years with Citi, he joined MasterCard last year. As CEO of Citi’s Asia Pacific unit he was in charge of all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards.
He said that Asia is a priority market for MasterCard. “India is an important part of every company. It has got all the ingredients like a great middle class, demographic dividend and people are growing wealthier because of the economic boom. There are a number of these larger markets which represent enormous opportunities.”
Mr. Banga is a graduate from Delhi University and also a MBA from IIM-A. Prior to Citi he also worked with Nestle from where he started his career and also with PepsiCo for a short while. His tenor with PepsiCo was instrumental in the launch of its international fast food franchises in India.
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