As per reports, Mastercard’s chief executive officer that served for 10 years, would be stepping down by early next year. This was said by Mastercard on Tuesday. Banga would be replaced by chief product officer Michael Miebach.
Banga, had taken charge of Mastercard, right after the 2008-09 financial crisis. Mastercard has seen its revenue triple during Banga’s tenure as online shopping had gained prominence across the world.
Banga would take on the role of an executive chairman, whereas Miebach would become the company’s president on March 1.
Miebach had served as the managing director at Barclays Bank and general manager at Citibank, before joining Mastercard as the president of the Middle East and Africa in 2010. With Miebach’s appointment, Mastercard entered into a new compensation agreement, which is adding $750,000 to his annual base salary, as said by the payment processor in a filing. Additionally, Miebach would receive an equity grant with a target value of $6.25 million.
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