Ajay Banga

2021-06-30T22:09:27Z

2402:3A80:100A:BE11:482D:4163:F690:CFA7: /* Early life */

{{short description|Indian American business executive and former CEO of Mastercard}}
{{Infobox person
| 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.jpg
| caption = [[Pranab Mukherjee]] (right) presenting the [[Padma Shri]] Award to Banga (2016)
| native_name = ਅਜੈਪਾਲ ਸਿੰਘ ਬੰਗਾ
| native_name_lang = [[Punjabi]]
| birth_date = {{Birth-date and age|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>
| birth_place = [[Pune]], [[India]]
| citizenship = United States <ref>{{cite web|url=https://www.nytimes.com/2010/04/13/business/13card.html|title=Naming a New Chief, MasterCard Signals It Is Open to Changes|access-date=2020-09-30}}</ref>
| education = [[University of Delhi]] ([[Bachelor of Arts|BA]])<br>[[Indian Institute of Management Ahmedabad|Indian Institute of Management, Ahmedabad]] ([[Master of Business Administration|MBA]])
| death_place =
| occupation = Executive Chairman, [[Mastercard]].
| predecessor = [[Robert Selander]] (as CEO)
}}

'''Ajaypal Singh Banga''' (born November 10, 1959) is an [[Indian Americans|Indian-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> He is currently executive chairman of [[Mastercard]], having previously served as president and 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> Mastercard announced in April 2010 that Banga, previously its president and [[chief operating officer]], would become president and [[chief executive officer]], effective July 1, 2010, and a member of the board of directors, effective immediately.<ref name=":0">{{Cite web|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=23673920&privcapId=6477196|title=Bloomberg - Executive Profile|website=www.bloomberg.com|access-date=2019-06-16}}</ref>

Banga succeeded [[Robert Selander|Robert W. Selander]], who had been CEO since March 1997.<ref name="mastercard.com"/>

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|url=https://obamawhitehouse.archives.gov/the-press-office/2015/02/05/president-obama-announces-more-key-administration-posts|work=[[whitehouse.gov]]|title=President Obama Announces More Key Administration Posts|via=[[NARA|National Archives]]|date=5 February 2015}}</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=Archived copy |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>

The Government of India awarded him the civilian honour of the [[Padma Shri]] in 2016.<ref name="Padma Awards 2016">{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=135783 | title=Padma Awards 2016 | publisher=Press Information Bureau, Government of India | date=2016 | access-date=February 2, 2016}}</ref>

==Early life==
Banga was born November 10, 1959 into a [[Sikh saini]] family in [[Khadki]], [[Pune]], [[Maharashtra]], [[India]] where his father, an army officer, was posted.<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. 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 grew up and attended schools across India, successively in [[Secunderabad]], [[Jalandhar]], [[Delhi]], [[Ahmedabad, India|Ahmedabad]], before finishing his schooling in [[Shimla]].<ref>{{cite web|url=http://timesofindia.indiatimes.com/biz/international-business/Delhi-whiz-Ajay-Banga-becomes-MasterCard-CEO/articleshow/5788801.cms|title=Delhi whiz Ajay Banga becomes MasterCard CEO - Times of India}}</ref>

==Education==
His primary education was completed at the [[Hyderabad Public School]] in [[Begumpet]]. Banga went on to graduate with a Bachelor of Arts (Honours) degree in [[Economics]] from [[St. Stephen's College, Delhi|St. Stephen's College]], [[Delhi University]] followed by PGP in Management (equivalent to MBA) from the [[Indian Institute of Management, Ahmedabad]].<ref name="mastercard.com"/><ref name=":0" /><ref>{{Cite web |url=http://expressbuzz.com/topic/iim-alumnus-ajay-banga-is-new-ceo-of-mastercard/164795.html |title=Archived copy |access-date=2012-06-03 |archive-url=https://web.archive.org/web/20160304042619/http://expressbuzz.com/topic/iim-alumnus-ajay-banga-is-new-ceo-of-mastercard/164795.html |archive-date=2016-03-04 |url-status=dead }}</ref>

==Career==
Beginning his business career with [[Nestlé]] in 1981, 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 in India as the economy 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>

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.<ref name="mastercard.com"/>

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|url=https://www.cnbc.com/id/102161792#.|title=Cramer, MasterCard CEO talk radical banking moves|first=Karma|last=Allen|date=6 November 2014}}</ref>

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|url=http://www.stern.nyu.edu/experience-stern/news-events/banga-keynote-convocation-14|title=Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern|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|url=https://qz.com/377104/ajay-bangas-six-lessons-on-leadership-as-told-to-the-iim-a-class-of-2015/|title=MasterCard CEO Ajay Banga's six lessons on leadership—as told to the IIM-A class of 2015 — Quartz|website=qz.com}}</ref><ref name="peng_ALea">{{Cite web |title=A Leader Listens |author=Ajay Banga |work=Penguin Random House India |access-date=25 November 2020 |url= https://penguin.co.in/book/a-leader-listens/}}</ref>

In 2020 he was elected chairman of the [[International Chamber of Commerce]] 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>

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

==References==
{{reflist}}

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

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

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

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Ajay Banga