Ajay Banga

2023-03-06T14:15:03Z

90.127.150.130:

{{Short description|American business executive (born 1959)}}
{{Infobox officeholder
| name = Ajay Banga
| image = The President, Shri Pranab Mukherjee presenting the Padma Shri Award to Shri Ajaypal Singh Banga, at a Civil Investiture Ceremony, at Rashtrapati Bhavan, in New Delhi on March 28, 2016 (cropped).jpg

| birth_name = Ajaypal Singh Banga
| birth_date = {{birth date and age|1959|11|10}}
| birth_place = [[Pune]], [[India]]
| death_date =
| death_place =
| relatives = [[M. S. Banga]] (brother)
| education = [[St. Stephen's College, Delhi]] ([[Bachelor of Arts|BA]])<br>[[Indian Institute of Management Ahmedabad|Indian Institute of Management, Ahmedabad]] ([[Master of Business Administration|MBA]])
}}
'''Ajaypal Singh Banga''' (born November 10, 1959<ref>{{cite web |title=Ajay Banga |url=https://investor.mastercard.com/corporate-governance/board-of-directors/person-details/default.aspx?ItemId=69055b98-d74b-4715-8b6f-87a385930985 |publisher=Mastercard Incorporated |access-date=February 11, 2021}}</ref>) is an [[Indian Americans|Indian-born American]] business executive.<ref name="ledger-enquirer">{{cite web |url=https://www.ledger-enquirer.com/news/business/article101425582.html |title=MasterCard CEO discusses diversity, technology, unpredictable world and personal incidents}}</ref>
On February 23, 2023, he was nominated by President of the United States Joe Biden to lead the [[World Bank]]. He is currently vice chairman at [[General Atlantic]].<ref name=":1">{{Cite web |date=2021-12-01 |title=Ajay Banga Joins General Atlantic as Vice Chairman |url=https://www.businesswire.com/news/home/20211201005403/en/Ajay-Banga-Joins-General-Atlantic-as-Vice-Chairman |access-date=2022-08-05 |website=www.businesswire.com |language=en}}</ref> He was [[executive chairman]] of [[Mastercard]], after having previously served as president and [[chief executive officer]] (CEO) of the company from July 2010 until December 31, 2020.<ref name="indiorg">{{cite news|last1=Reshmanth|title=These CEOs of Indian Origin will make you feel proud|url=http://www.southreport.com/these-ceos-of-indian-origin-will-make-you-feel-proud/|access-date=May 22, 2017|publisher=South Report|date=April 6, 2015}}</ref><ref name="mastercard.com">{{cite web|url=http://www.mastercard.com/us/company/en/newsroom/ceo_transition_announcement.html|title=About Mastercard - Smart & Secure Payment Solutions|website=www.mastercard.com}}</ref> He retired from this position on December 31, 2021, to join General Atlantic.<ref>{{Cite web|title=Longtime Mastercard executive Banga to retire at year's end|url=https://www.bankingdive.com/news/longtime-mastercard-executive-banga-to-retire-at-years-end/607019/|access-date=2021-10-14|website=Banking Dive|language=en-US}}</ref> His pay package in 2020 was $27.77 million.<ref>{{Cite web|last=|first=|title=Ajay Banga Salary Information 2020|url=https://www.erieri.com/|url-status=live|access-date=2022-01-12|website=ERI Economic Research Institute|language=en|archive-url=https://web.archive.org/web/20000302020401/http://www.erieri.com:80/ |archive-date=2000-03-02 }}</ref> He is also the chairman of [[Netherlands]]-based investment holding company [[Exor (company)|Exor]] and chairman of the public-private [[Partnership for Central America]] with [[U.S. Vice President]] [[Kamala Harris]].<ref name="auto3">{{Cite web|last=|first=|title=Partnership for Central America - Ajay Banga|url=https://www.centampartnership.org/ajaybanga|url-status=live|access-date=2023-02-23|website=Partnership for Central America|language=en}}</ref> <ref>{{Cite web|last=|first=|title=President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank|url=https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/23/president-biden-announces-u-s-nomination-of-ajay-banga-to-lead-world-bank/|url-status=live|access-date=2023-02-23|website=The White House|date=23 February 2023|language=en}}</ref>

Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the [[International Chamber of Commerce]].<ref>{{Cite web|date=23 June 2020|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|website=International Chamber of Commerce}}</ref> He is also a member of the board of directors of the [[Dow Chemical Company]]; member of the [[Council on Foreign Relations]]; and member of International Business Council of the [[World Economic Forum]].<ref>{{Cite web |url=http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |title=Ajaypal Singh Banga appointed as member of US advisory Committee for trade policy and Negotiations |access-date=2015-02-16 |archive-url=https://web.archive.org/web/20150216161355/http://www.latestgktoday.com/ajaypal-singh-banga-appointed-as-member-of-us-advisory-committee-for-trade-policy-and-negotiations/ |archive-date=2015-02-16 |url-status=dead }}</ref>

Banga has been nominated by President [[Joe Biden]] as [[President of the World Bank Group]], a role which has traditionally been from the United States.<ref>{{Cite news|url=https://www.nytimes.com/2023/02/23/business/world-bank-president-nomination.html|title=U.S. Nominates Ajay Banga to Lead World Bank|first1=Alan|last1=Rappeport|first2=Coral|last2=Davenport|work=The New York Times |date=February 23, 2023|via=NYTimes.com}}</ref><ref>{{Cite web|url=https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/23/president-biden-announces-u-s-nomination-of-ajay-banga-to-lead-world-bank/|title=President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank|first=The White|last=House|date=February 23, 2023|website=The White House}}</ref>

== Early life and education==
Ajay Banga was born on November 10, 1959, in [[Khadki]] cantonment of [[Pune]], [[Bombay State]], India (now in [[Maharashtra]]), into a [[Sikh]] family, where his father, an army officer, was posted.<ref>{{Cite web|url=http://www.sainionline.com/personalities/ajay-banga-ceo-of-master-card-international|title=Ajay Banga, CEO of Master Card International - यदुवंशी सैनी राजपूतों का इतिहास|website=www.sainionline.com}}</ref><ref>{{Cite web|last=Parker|first=Garrett|date=2019-03-01|title=10 Things You Didn't Know about Mastercard CEO Ajaypal Singh Banga|url=https://moneyinc.com/mastercard-ceo-ajaypal-singh-banga/|access-date=2020-12-21|website=Money Inc|language=en-US}}</ref> His family is originally from [[Jalandhar]], [[Punjab, India|Punjab]]. His father, Harbhajan Singh Banga, is a retired [[lieutenant-general]] who served in the [[Indian Army]].<ref name="auto2">Aime Williams, Camilla Hodgson and Anjli Raval (25 February 2023), [https://www.ft.com/content/097b3d80-5b46-4604-a5ce-9726819d9b8a Ajay Banga, World Bank nominee must swap finance for climate] ''[[Financial Times]]''.</ref> He is the younger brother of businessman [[M. S. Banga]].<ref>{{Cite web|url=https://www.forbes.com/global/2010/0809/companies-mastercard-vindi-ajay-india-banga-brothers.html|title=India's Banga Brothers|last=Karmali|first=Naazneen|website=Forbes|language=en|access-date=2020-04-09}}</ref>

Banga was educated at [[St. Edward's School, Shimla]],<ref>{{Cite web|url=https://www.tribuneindia.com/news/himachal/world-bank-prez-nominee-studied-at-st-edwards-482940|title=World Bank prez nominee studied at St Edward's : The Tribune India|accessdate=5 March 2023}}</ref> and at the [[Hyderabad Public School]] in [[Hyderabad]]. He went on to graduate with a [[Bachelor of Arts]] (Honours) degree in [[Economics]] from the [[St. Stephen's College, Delhi]] followed by PGP in Management (equivalent to MBA) from the [[Indian Institute of Management, Ahmedabad]].<ref name="mastercard.com"/><ref name=":0">{{Cite web|title=Bloomberg - Executive Profile|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=23673920&privcapId=6477196|access-date=2019-06-16|website=www.bloomberg.com}}</ref><ref>{{Cite web |url=https://newsroom.mastercard.com/press-releases/mastercard-names-ajay-banga-president-and-chief-executive-officer-succeeding-robert-w-selander/ |title=MasterCard Names Ajay Banga President and Chief Executive Officer Succeeding Robert W. Selander|access-date=2022-02-15 }}</ref>

Banga was naturalized a [[US citizen]] in 2007.<ref>[https://www.devex.com/news/biden-nominates-ex-mastercard-ceo-ajay-banga-to-lead-world-bank-105015 Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank] Devex</ref>

== Business career ==
=== Early beginnings ===
Beginning his business career as a management trainee with [[Nestlé]] in 1981,<ref name="auto1">Suzanne Kapner (13 September 2010), [https://www.ft.com/content/4c177f22-bd07-11df-954b-00144feab49a Master who plays his cards right] ''[[Financial Times]]''.</ref> Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined [[PepsiCo]] and was involved in the launch of its international fast food franchises, including [[Pizza Hut]] and [[KFC]],<ref name="auto2"/> in India as the economy [[Licence Raj|liberalized]].<ref>{{Cite web|url=https://www.forbes.com/profile/ajaypal-banga/|title=Ajaypal Banga|website=Forbes|language=en|access-date=2020-04-09}}</ref>
[[File:The Prime Minister, Shri Narendra Modi meets the CEO of Master Card and Chairman of USIBC, Shri Ajay Banga, in New York on September 24, 2015.jpg|thumb|Banga with Prime Minister [[Narendra Modi]]]]

=== Citigroup, 1996–2009 ===
In 1996, Banga joined [[Citigroup]], where he briefly served as a debt collector as part of his training.<ref name="auto1"/> He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002<ref name="auto4">Greg Farrell (20 June 2009), [https://www.ft.com/content/8361b35a-5d20-11de-9d42-00144feabdc0 Banga leaves Citi for MasterCard] ''[[Financial Times]]''.</ref> From 2005 to 2008 he was chief executive of Citi’s International Global Consumer Group, which included all credit card and consumer banking operations outside of North America.<ref name="auto4"/> During that time, he spearheaded Citi's strategy in the microfinance sector across the world.<ref name="mastercard.com" />

In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong.<ref>Andrew Martin and Eric Dash (12 April 2010), [https://www.nytimes.com/2010/04/13/business/13card.html Naming a New Chief, MasterCard Signals It Is Open to Changes] ''[[New York Times]]''.</ref> In this capacity, he led a major reorganization of Citigroup’s Asian operations in 2008 that gave regional heads increased authority across the bank’s product lines.<ref name="auto">Maria Aspan (12 April 2010), [https://www.reuters.com/article/us-mastercard-idUSTRE63B24D20100412 MasterCard names ex-Citi exec Banga as CEO] ''[[Reuters]]''.</ref> Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm’s highest paid executives that year.<ref name="auto"/>

=== Mastercard, 2010–2021 ===
Mastercard announced in April 2010 that Banga, previously its [[chief operating officer]] (COO), would become president and [[chief executive officer]], effective July 1, 2010, and a member of the [[board of directors]].<ref name=":0" /> Banga succeeded [[Robert Selander|Robert W. Selander]], who had been CEO since March 1997.<ref name="mastercard.com" /> In his first year, he received $13.5 million in compensation.<ref name="auto1"/>

During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $30 billon to more than $300 billion.<ref name="auto2"/> In 2020, he announced the creation of the Priceless Planet Coalition,<ref>Alan Rappeport and Coral Davenport (23 February 2023), [https://www.nytimes.com/2023/02/23/business/world-bank-president-nomination.html U.S. Nominates Ajay Banga to Lead World Bank] ''[[New York Times]]''.</ref> a group of about 100 firms that make corporate investments to preserve the environment, and launched Mastercard’s pledge to plant 100 million trees.<ref name="auto2"/>

=== Later career ===
In 2020 Banga was elected chairman of the [[International Chamber of Commerce]] (ICC) succeeding [[Paul Polman]]. He previously served as ICC's First Vice-Chair since June 2018.<ref>{{Cite web|date=2020-06-23|title=ICC elects Mastercard CEO Ajay Banga as new Chair|url=https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/|access-date=2021-03-05|website=ICC - International Chamber of Commerce}}</ref>

On January 1 2022, Banga assumed responsibilities at General Atlantic as vice chairman.<ref name=":1" />

== Career in the public sector ==
In February 2015, President [[Barack Obama]] appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.<ref>{{cite web|date=5 February 2015|title=President Obama Announces More Key Administration Posts|url=https://obamawhitehouse.archives.gov/the-press-office/2015/02/05/president-obama-announces-more-key-administration-posts|work=[[whitehouse.gov]]|via=[[NARA|National Archives]]}}</ref>

Since the [[2020 United States presidential election|2020 elections]], Banga has been an outside adviser to Vice President [[Kamala Harris]] as Chairman of the [[Partnership for Central America]] where he has led a group of business leaders who have advised her on the administration’s work in El Salvador, Guatemala and Honduras.<ref>Andrew Duehren and Andrew Restuccia (23 February 2023), [https://www.wsj.com/articles/biden-to-nominate-former-mastercard-executive-ajay-banga-to-lead-world-bank-ad1670ec Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank] ''[[Wall Street Journal]]''.</ref>

On February 23, 2023, Banga was nominated by [[President of the United States]] [[Joe Biden]] to lead the [[World Bank]].

== Other activities ==
=== Corporate boards ===
* [[Exor (company)|Exor]], Member of the Board of Directors (since 2021)<ref>[https://www.exor.com/press-releases/2022-05-24/exor-appoints-ajay-banga-chairman Exor appoints Ajay Banga as Chairman] [[Exor (company)|Exor]], press release of 24 May 2022.</ref><ref name="auto2"/>
* [[Temasek Holdings]], Member of the Board of Directors (since 2021)<ref>[https://www.temasek.com.sg/en/news-and-resources/news-room/news/2021/ajay-banga-jenny-lee-join-temasek-board Ajay Banga and Jenny Lee to join Temasek Board] [[Temasek Holdings]], press release of 30 September 2021.</ref><ref name="auto2"/>
* BeyondNetZero, Member of the Advisory Board (since 2021)<ref>[https://beyond-net-zero.com/team/ Advisory Board] BeyondNetZero.</ref><ref>{{cite news|last1=Karsh|first1=Melissa|date=July 16, 2021|title=General Atlantic Targets $4 Billion for New Climate Strategy|publisher=Bloomberg Law|url=https://news.bloomberglaw.com/private-equity/general-atlantic-starts-new-strategy-to-pursue-climate-deals}}</ref>
* [[Dow Chemical Company]], Member of the Board of Directors (2013–2021)<ref>[https://investors.dow.com/en/news/news-details/2021/Dow-Board-of-Directors-nominates-Debra-L.-Dial-and-Luis-A.-Moreno-to-the-Board/default.aspx Dow Board of Directors nominates Debra L. Dial and Luis A. Moreno to the Board] [[Dow Chemical Company]], press of 11 February 2020.</ref>
=== Non-profit organizations ===
* [[Partnership for Central America]] (PCA), Chair (since 2022)<ref name="auto3"/>
* [[International Chamber of Commerce]] (ICC), Chair (since 2020)<ref>[https://iccwbo.org/media-wall/news-speeches/icc-elects-mastercard-ceo-ajay-banga-as-new-chair/ ICC elects Mastercard CEO Ajay Banga as new Chair] [[International Chamber of Commerce]] (ICC), press release of 23 June 2020.</ref>
* [[American Red Cross]] (ARC), Member of the Board of Governors (since 2014)
* [[Economic Club of New York]], Vice Chair of the Board<ref>[https://www.econclubny.org/board-directors Trustees & Officers] [[Economic Club of New York]].</ref>
* [[Peterson Institute for International Economics]], Member of the Board of Directors<ref>[https://www.piie.com/about/board-directors Board of Directors] [[Peterson Institute for International Economics]].</ref>
* [[Trilateral Commission]], Member
* [[American India Foundation]], Co-Chair of the Board of Directors (2016–2019)<ref>[https://aif.org/aif-announces-appointment-of-mastercard-ceo-ajay-banga-as-co-chair/ AIF Announces Appointment of MasterCard CEO Ajay Banga as Co-Chair] [[American India Foundation]], press release of 26 January 2016.</ref>
* [[New York Hall of Science]], Vice Chair of the Board of Trustee
* [[National Urban League]], Member of the Board

== Recognition ==
Banga was the keynote speaker at the [[NYU Stern]] 2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership.<ref>{{cite web|title=Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern|url=http://www.stern.nyu.edu/experience-stern/news-events/banga-keynote-convocation-14|website=www.stern.nyu.edu}}</ref> He also was a keynote speaker for his alma mater, the [[Indian Institute of Management Ahmedabad]], during the Class of 2015's convocation.<ref>{{cite web|title=MasterCard CEO Ajay Banga's six lessons on leadership—as told to the IIM-A class of 2015 — Quartz|url=https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/|website=qz.com|date=8 April 2015 }}</ref><ref name="peng_ALea">{{Cite web|author=Ajay Banga|title=A Leader Listens|url=https://penguin.co.in/book/a-leader-listens/|access-date=25 November 2020|work=Penguin Random House India}}</ref> Banga is a regular speaker at various [[Financial technology|FinTech]] conferences and various leadership conferences. He also appeared on the [[Mad Money]] show hosted by [[Jim Cramer]] on Thursday, 6 Nov 2014<ref>{{cite web|last=Allen|first=Karma|date=6 November 2014|title=Cramer, MasterCard CEO talk radical banking moves|website=[[CNBC]]|url=https://www.cnbc.com/id/102161792#.}}</ref>

The [[Government of India]] awarded Banga the civilian honour of the [[Padma Shri]] in 2016.<ref>{{Cite web |title=Padma Awards 2016 |url=https://pib.gov.in/newsite/PrintRelease.aspx?relid=135783}}</ref>

== See also ==
* [[Indians in the New York City metropolitan area]]

== References ==
{{reflist}}

== External links ==
* {{C-SPAN|76634}}
* [https://penguin.co.in/book_author/ajay-banga/ Ajay Banga] at [[Penguin India]]


{{Padma Shri Award Recipients in Trade & Industry}}

{{DEFAULTSORT:Banga, Ajay}}
[[Category:1960 births]]
[[Category:20th-century American businesspeople]]
[[Category:21st-century American businesspeople]]
[[Category:American chief executives]]
[[Category:American chief executives of financial services companies]]
[[Category:American chief executives of Fortune 500 companies]]
[[Category:American chief operating officers]]
[[Category:American people of Indian descent]]
[[Category:American people of Punjabi descent]]
[[Category:American Sikhs]]
[[Category:Businesspeople from Pune]]
[[Category:Directors of Dow Inc.]]
[[Category:Indian emigrants to the United States]]
[[Category:Indian Institute of Management Ahmedabad alumni]]
[[Category:Indian Sikhs]]
[[Category:Living people]]
[[Category:Peterson Institute for International Economics]]

[[Category:Punjabi people]]
[[Category:Recipients of the Padma Shri in trade and industry]]

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Ajay Banga