Ajay Banga
Encyclopedia
Ajay Banga is the current president
and chief executive officer
of MasterCard
.
MasterCard
announced on April 12, 2010 that Ajay Banga, previously MasterCard’s president
and chief operating officer
, had been named by the Board of Directors to serve as the company’s president and chief executive officer
, effective July 1, 2010. The company also announced that Banga would become a member of MasterCard’s Board of Directors, effective immediately.
Banga, 50, succeeded Robert W. Selander, who had been MasterCard’s chief executive officer since March 1997.
family in Khadki
outside Pune
, Maharashtra
in India
where his father, an army officer, was posted. Banga is a sub caste of Saini
Sikh
s. The family's origin is from Jalandhar
in Punjab. His father is Lt.General (retd.) Harbhajan Singh Banga who is a decorated army general of Indian Army. He is also the younger brother of another well known CEO M S Banga
He grew up and schooled across India, successively in Secunderabad
, Jalandhar
, Delhi
, Hyderabad and in Shimla
, where he finished his schooling.
from St. Stephen's College
, Delhi University and is an alumnus of the Indian Institute of Management, Ahmedabad.
in 1981, Banga spent the next 13 years in a variety of assignments spanning sales, marketing, and general management. He later joined Pepsico
and was instrumental in the launch of its international fast food franchises in India as the economy liberalized.
Prior to joining MasterCard, Banga spent 13 years at Citigroup
from 1996, and held a variety of senior management roles in the United States and Europe, Middle East, Africa regions before becoming chairman and chief executive officer of Citi's international global consumer group in 2005. He was also responsible for Citi's brand and marketing work across the entire company. Most recently, he was chief executive officer of Citi Asia Pacific, responsible for all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards. He was also a member of Citi's senior leadership and executive committees.
Banga serves on the board of Kraft Foods Inc. In addition, he is on the board of trustees of the Asia Society
, is a member of the Council on Foreign Relations
, The Financial Services Roundtable and The Economic Club of New York
, and is a fellow of the Foreign Policy Association
.
Banga was vice chairman of the board of trustees of the New York Hall of Science
and a board member of the National Urban League
. He was formerly a business sponsor of Citi's African heritage network – NYC.
Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world.
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
.
MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
announced on April 12, 2010 that Ajay Banga, previously MasterCard’s president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and chief operating officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
, had been named by the Board of Directors to serve as the company’s president and chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, effective July 1, 2010. The company also announced that Banga would become a member of MasterCard’s Board of Directors, effective immediately.
Banga, 50, succeeded Robert W. Selander, who had been MasterCard’s chief executive officer since March 1997.
Early life
Banga was born in SikhSikh
A Sikh is a follower of Sikhism. It primarily originated in the 15th century in the Punjab region of South Asia. The term "Sikh" has its origin in Sanskrit term शिष्य , meaning "disciple, student" or शिक्ष , meaning "instruction"...
family in Khadki
Khadki
There is also an Andean instrument called the Kirki.Khadki is a city neighbourhood of Pune. It has an army base, two ordinance factories and several breweries....
outside Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
, Maharashtra
Maharashtra
Maharashtra is a state located in India. It is the second most populous after Uttar Pradesh and third largest state by area in India...
in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
where his father, an army officer, was posted. Banga is a sub caste of Saini
Saini
Saini is a Rajput descent caste of India. Sainis, also known as Shoorsaini in Puranic literature, are now found by their original name only in Punjab and in the neighboring states of Haryana, Jammu and Kashmir and Himachal Pradesh...
Sikh
Sikh
A Sikh is a follower of Sikhism. It primarily originated in the 15th century in the Punjab region of South Asia. The term "Sikh" has its origin in Sanskrit term शिष्य , meaning "disciple, student" or शिक्ष , meaning "instruction"...
s. The family's origin is from Jalandhar
Jalandhar
Jalandhar is a city in Jalandhar District in the state of Punjab, India. It is located 144 km northwest of the state capital, Chandigarh...
in Punjab. His father is Lt.General (retd.) Harbhajan Singh Banga who is a decorated army general of Indian Army. He is also the younger brother of another well known CEO M S Banga
M S Banga
Manvinder Singh Banga is a senior partner at the private equity fund Clayton Dubilier & Rice. He was previously a senior executive at Unilever as the Global President for Foods, Home & Personal Care - running all the categories, and was the lead internal candidate for the CEO position...
He grew up and schooled across India, successively in Secunderabad
Secunderabad
Secunderabad popularly known as the twin city of Hyderabad is located in the Indian state of Andhra Pradesh north of Hyderabad. Named after Sikandar Jah, the third Nizam of the Asaf Jahi dynasty, Secunderabad was founded in 1806 AD as a British cantonment...
, Jalandhar
Jalandhar
Jalandhar is a city in Jalandhar District in the state of Punjab, India. It is located 144 km northwest of the state capital, Chandigarh...
, Delhi
Delhi
Delhi , officially National Capital Territory of Delhi , is the largest metropolis by area and the second-largest by population in India, next to Mumbai. It is the eighth largest metropolis in the world by population with 16,753,265 inhabitants in the Territory at the 2011 Census...
, Hyderabad and in Shimla
Shimla
Shimla , formerly known as Simla, is the capital city of Himachal Pradesh. In 1864, Shimla was declared the summer capital of the British Raj in India. A popular tourist destination, Shimla is often referred to as the "Queen of Hills," a term coined by the British...
, where he finished his schooling.
Education
Banga did not choose an army career his father was keen he pursue. He went on to graduate with a Bachelor of Arts (Honours) degree in EconomicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from St. Stephen's College
St. Stephen's College, Delhi
St. Stephen's College is a constituent college of the University of Delhi located in Delhi, India. The college admits both undergraduates and post-graduates, and awards degrees under the purview of the University. Famous for its rich history and many traditions, St...
, Delhi University and is an alumnus of the Indian Institute of Management, Ahmedabad.
Career
Beginning his business career with NestleNestlé
Nestlé S.A. is the world's largest food and nutrition company. Founded and headquartered in Vevey, Switzerland, Nestlé originated in a 1905 merger of the Anglo-Swiss Milk Company, established in 1867 by brothers George Page and Charles Page, and Farine Lactée Henri Nestlé, founded in 1866 by Henri...
in 1981, Banga spent the next 13 years in a variety of assignments spanning sales, marketing, and general management. He later joined Pepsico
PepsiCo
PepsiCo Inc. is an American multinational corporation headquartered in Purchase, New York, United States, with interests in the manufacturing, marketing and distribution of grain-based snack foods, beverages, and other products. PepsiCo was formed in 1965 with the merger of the Pepsi-Cola Company...
and was instrumental in the launch of its international fast food franchises in India as the economy liberalized.
Prior to joining MasterCard, Banga spent 13 years at Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
from 1996, and held a variety of senior management roles in the United States and Europe, Middle East, Africa regions before becoming chairman and chief executive officer of Citi's international global consumer group in 2005. He was also responsible for Citi's brand and marketing work across the entire company. Most recently, he was chief executive officer of Citi Asia Pacific, responsible for all of the company’s business lines in the region, including institutional banking, alternative investments, wealth management, consumer banking and credit cards. He was also a member of Citi's senior leadership and executive committees.
Banga serves on the board of Kraft Foods Inc. In addition, he is on the board of trustees of the Asia Society
Asia Society
The Asia Society is a non-profit organization that focuses on educating the world about Asia. It has several centers in the United States and around the world Hong Kong, Manila, Mumbai, Seoul, Shanghai, and Melbourne...
, is a member of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
, The Financial Services Roundtable and The Economic Club of New York
The Economic Club of New York
The Economic Club of New York is a non-profit and non-partisan membership organization located in New York City and founded in 1907. Its stated purpose is the promotion of the study and discussion of social, economic, and political questions....
, and is a fellow of the Foreign Policy Association
Foreign Policy Association
The Foreign Policy Association is a non-profit organization dedicated to inspiring the American public to learn more about the world. Founded in 1918, it serves as a catalyst for developing awareness, understanding of, and providing informed opinions on global issues...
.
Banga was vice chairman of the board of trustees of the New York Hall of Science
New York Hall of Science
The New York Hall of Science occupies one of the few remaining structures of the 1964 New York World's Fair in Flushing Meadow-Corona Park in the borough of Queens in New York City. Today, it stands as New York City's only hands-on science and technology center...
and a board member of the National Urban League
National Urban League
The National Urban League , formerly known as the National League on Urban Conditions Among Negroes, is a nonpartisan civil rights organization based in New York City that advocates on behalf of African Americans and against racial discrimination in the United States. It is the oldest and largest...
. He was formerly a business sponsor of Citi's African heritage network – NYC.
Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world.