Mastercard CEO Ajay Banga to step down, insider Miebach tapped

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(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.

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