Mastercard Names New Chief Executive

Multinational corporation Mastercard has named its Chief Operations Officer as its next Chief Executive Officer.300px-MasterCard-Logo

Ajay Banga, who joined the company last August after working for 13 years with Citigroup Inc., will take over the reins from outgoing CEO Robert Selander starting July 1. Banga will join the board effective immediately.

Selandar has been the CEO since 1997. He will retain his seat in the board and will become executive vice president until he retires by the end of the year. He is therefore at the helm when MasterCard Worldwide was initially publicly traded in 2006.

Banga was the chairman and the chief executive for international consumer group of Citigroup. He was thus seen as the heir to Selander when he joined Mastercard last year. He was part of a set of executives who left Citigroup to find other jobs.

During the recession, the company experienced a bit of difficulty when purchases slowed down.