US President Joe Biden has nominated former Mastercard CEO & currently a Vice Chairman at General Atlantic, Ajay Banga for the position of World Bank president on February 23, 2023, as Donald Trump appointee David Malpass will step down from his role this June before completing his tenure in April 2024.
The early departure of David Malpass from the 189-nation poverty reduction agency was seen as an opportunity for the USA to come up with a leadership that can lead the organization for the welfare of less-wealthy nations.
The US government nominated Ajay Banga for his expertise in handling global challenges including climate change, which is the top priority for it. The World Bank is often criticized for being hostile to undeveloped nations.
1) Currently, Ajay Banga is appointed as the vice chairman at private equity firm General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power, and sustainable farming.
2) He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank's 19,000 employees during the Covid-19 pandemic, and led work on climate, gender, and sustainable agriculture.
3) In total, he has more than 30 years of business experience in handling different roles at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc.
4) Notably, he is the first Indian-born nominee for the role of World Bank President. Joe Biden expressed confidence in Ajay Banga's leadership and said he is uniquely equipped to lead the World Bank at this stage. Biden also stated that Ajay has a critical experience mobilizing public-private resources to tackle the most urgent challenges.
5) Banga's work in India and other emerging markets, his "obsession" with expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets.
Ajaypal Singh Banga is currently a Vice Chairman at General Atlantic. Before that he held executive positions at Mastercard as president and CEO from July 2010 until 2021, when he left to take up his current role.
He was handsomely rewarded for this tenure with a pay package amounting to $27.77 million in 2020. Also, he serves as the chairman of Netherlands-based investment holding company Exor and chairman of the public-private Partnership for Central America with U.S. Vice President Kamala Harris.
The former chairman of the U.S.-India Business Council (USIBC), which represents 300 of the largest international companies in India, as well as the chairman of the International Chamber of Commerce. In addition, he serves on the Dow Chemical Company's board of directors, the Council on Foreign Relations, and the World Economic Forum's International Business Council.
On November 10, 1959, Banga was born in the Khadki cantonment of Pune, Bombay State, India (now Maharashtra), where his father, an army officer, was posted. His father's family was originally from Jalandhar, Punjab. He is the younger brother of businessman M. S. Banga. His father, Harbhajan Singh Banga, is a retired lieutenant general in the Indian Army.
He attended St. Edward's School in Shimla and Hyderabad Public School in Hyderabad. After graduating from St. Stephen's College, Delhi, he earned a Bachelor of Arts (Honours) degree in Economics and a PGP in Management from the Indian Institute of Management, Ahmedabad, which is equivalent to an MBA.
Having started his career at Nestlé in 1981, Banga worked in sales, marketing, and general management for the next 13 years. After joining PepsiCo, he helped launch the company's international franchises in India as the economy liberalized.
In addition to his passion for social development, Banga spearheaded Citi's microfinance strategy across the globe from 2005 to mid-2009. He will succeed Paul Polman as chairman of the International Chamber of Commerce in 2020. Since June 2018, he has served as ICC's First Vice-Chairman.
Banga, previously Mastercard's chief operating officer (COO), will become president and chief executive officer on July 1, 2010, succeeding Robert W. Selander.
Banga assumed the role of Vice Chairman at General Atlantic on January 1, 2022.
President Biden nominated him to lead the World Bank on February 23, 2023.
Banga was appointed to the President's Advisory Committee for Trade Policy and Negotiations in February 2015.
His keynote address at NYU Stern's 2014 Graduate Convocation on May 22, 2014, focused on how diversity drives innovation and leadership. He also spoke at the convocation of his alma mater, the Indian Institute of Management Ahmedabad, during the convocation of the Class of 2015. In addition to speaking at FinTech conferences and leadership conferences, Banga appeared on the Mad Money show with Jim Cramer on Thursday, November 6th, 2014.
Banga was vice chairman of the board of trustees of the New York Hall of Science and a member of the National Urban League. He was formerly a business sponsor of Citi's African heritage network – in NYC. In July 2021, Banga joined General Atlantic's BeyondNetZero climate change fund advisory board.
In 2016, the Government of India awarded Banga the civilian honor of Padma Shri.
As of 14 July 2021, Ajay Banga is estimated to have a net worth of 206 million dollars. During the past 13 years, Mr. Banga sold MA stock worth over $69,986,261 and owns over 60,000 units of Mastercard stock worth over $113,123,489 each. In addition, he makes $23,250,000 as Chief Executive Officer at Mastercard.
He is married to Ritu Banga and they have two children together, Jojo Banga and Aditi Banga.
Ajay's daughter Aditi is a strategic partnerships manager for Instagram's New York office. She married her long-term partner Jonathan Schwartz on 8th September 2019 at the David H. Koch Theater at Lincoln Center.
At General Atlantic, Ajay serves as Vice Chairman. As the former President and Chief Executive Officer of Mastercard for 11 years before becoming the company's Executive Chairman, he was a global leader in technology, data, financial services, and innovation for inclusion. In his career, he has served as an advisor to governments, businesses, and organizations of all kinds, advocating partnerships and systems that deliver profit and purpose.
In 1981 he began his professional career with a position at Nestlé, where he stayed for 13 years. Subsequently, he moved to PepsiCo., supporting the growth of Indian fast-food franchise businesses. Today, Banga is Vice Chairman of General Atlantic and formerly presided over Mastercard's transformation through a period of strategic, technological, and cultural renewal. Additionally, from 2020-2022 he will be an honorary chairman of the International Chamber of Commerce.
As Co-Chair of the Partnership for Central America with Vice President Kamala Harris, Ajay served on the boards of the American Red Cross, Kraft Foods, and Dow Inc.
A Leader Listens
According to the 2019 EMpower Ethnic Minority Role Model list, Mastercard CEO Ajay Banga was ranked number one as the top ethnic minority executive in the world in an annual ranking of ethnic minority role models in the business. In his belief that bringing together all races, cultures, and genders is the key to business success, Banga has always been vocal about the importance of workplace diversity on a global scale.
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