Mastercard's Banga to Hand Over the Reins Next January

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Mastercard is no longer a credit card company: It is a global payments technology and processing network company.  

That's at least one of the legacies that current CEO Ajay Banga leaves behind when he hands over the reins to current Chief Product Officer Michael Miebach next January after serving more than 10 years as the company's top chief.

In a statement, the company announced that Banga will become executive chairman of the board of directors as of Jan. 1, 2021. Miebach will become CEO and also join the board as of Jan. 1, though he will take on the role of president as of March 1, 2020.

While the announcement was a positive for Mastercard, it follows the company’s warning on Monday that the effects of the coronavirus will result in slower revenue growth for the first quarter than the company guided for on its Jan. 29 earnings call.

Mastercard on Monday said that if current trends continue through the end of the quarter, “year-over-year net revenue growth in the first quarter will be approximately 2-3 percentage points lower than discussed on our January 29, 2020 earnings call.”

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