(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.
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.