Ajay Banga, the former CEO of Mastercard, has been nominated to lead the World Bank. Banga was nominated by US President Joe Biden on Thursday after its current CEO David Malpass announced plans to step down before his term ends.
"Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results," Biden stated.
Who is Indian-origin Ajay Banga?
1. Indian-origin Banga, 63, currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation. He was previously chief executive at Mastercard.
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. Over the course of his career, Ajay has become a global leader in technology, data, financial services and innovating for inclusion. He is Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek.
5. Ajay was awarded the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.
