Mastercard announced on Tuesday that CEO Ajay Banga will leave his current position and take over as the company’s executive chairman.
The move will be effective Jan. 1, 2021. Banga will be taking over as chairman for Richard Haythornthwaite, who has served in that role since May 2006.
Michael Miebach, Mastercard’s chief product officer, will succeed Banga as CEO.
Miebach has “as a proven track record of building products and running businesses globally,” Banga said in a statement. “During the course of Michael’s 10 years at Mastercard, he has been a key architect of our multi-rail strategy — including leading the acquisition of Vocalink and the pending transaction with Nets — to address a broader set of payment flows.”
Mastercard’s announcement came a day after the credit card company warned the coronavirus outbreak could hit its 2020 revenue. The stock traded 2% lower in the premarket. “If the impact is limited to the first quarter only, we expect that our 2020 annual year-over-year net revenue growth rate would be at the low end of the low-teens range,” Mastercard said.
The company’s executive change appears to be unrelated to its revenue warning.