Mastercard CEO Ajay Banga to step down, insider Miebach tapped

(Reuters) – Mastercard (N:) said on Tuesday 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.

While 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.

Chairman Richard Haythornthwaite will retire after more than a decade in the role, when Banga assumes his new role, the company said in a statement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.