MasterCard+Names+Banga+CEO - MasterCard Inc said President...

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MasterCard Names Banga CEO MasterCard Inc. said President and Chief Operating Officer Ajay Banga will become chief executive on July 1, ending the 13-year reign of Robert Selander as he prepares for retirement. Mr. Banga, 50 years old, was seen as the heir apparent to Mr. Selander when he joined MasterCard in August after working for 13 years at Citigroup Inc., where he had senior-management roles in the U.S. and abroad. He was among a string of executives who left Citigroup last year for other jobs. Mr. Banga described his new role as an "opportunity that comes once in a lifetime," during a call with reporters Monday morning. He is on the board of Kraft Foods Inc. and is joining MasterCard's board, effective immediately. "Innovation is the key to continued success," Mr. Banga said, emphasizing MasterCard's growth opportunities as consumers gravitate toward electronic means of payments while moving away from cash and checks. MasterCard's areas of focus will include e-commerce and mobile commerce, Mr. Banga
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