Mastercard announced that Executive Chairman Ajay Banga will retire on Dec. 31, 2021, with current Lead Independent Director Merit Janow filling in as non-executive independent chair of the board, effective next Jan. 1.
The move represents “a thoughtful and intentional executive transition announced in February 2020,” Mastercard said in a Tuesday (Sept. 21) press release.
“With Merit as Chair and the strong foundation Michael Miebach has established as CEO, Mastercard is in incredible hands for the next phase of growth and innovation,” said Banga. “I am grateful for the role I have been able to play in Mastercard’s evolution and I look forward to where Merit and Michael will lead it next.”
Janow, who has been a dean and professor of international economic law and international affairs at Columbia University’s School of International and Public Affairs, has “insight” on things like technology, innovation, digital matters, cybersecurity and sustainability, per the release.
“On behalf of the Board of Directors, I thank Ajay for his outstanding leadership and commitment to Mastercard for more than a decade,” Janow said. “His strategic and cultural vision transformed the company into what it is today – a leading payments technology company renowned for the strength of its management, extensive partnerships with organizations of all kinds, and an inclusive mindset and innovative approach to everything.”
Janow has been a member of the board since 2014. She also serves as chair of the Nominating and Corporate Governance Committee, the release says.
Mastercard recently partnered with One Inc, a digital payment services provider for the insurance agency. The partnership will see more disbursement claims done through Mastercard virtual cards and also through Mastercard Send.
The partnership also features One Inc’s ClaimsPay, which will deliver almost instant payments and allow for more cashflow opportunities as well as reducing cycle time.