Ajaypal Singh "Ajay" Banga (born November 10, 1959) is an Indian-born American business executive, who is the president of the World Bank Group since 2023. He was the executive chairman of Mastercard, after having previously been president and chief executive officer (CEO) of the company from July 2010 until December 2020. He retired from this position in December 2021, and joined General Atlantic as its vice chairman.
Before being nominated to the World Bank, he was the chairman of Exor, the Agnelli-Elkann family holding company that controls its stakes in Stellantis and other industrial and financial businesses, and chairman of the public-private Partnership for Central America with U.S. vice president Kamala Harris.
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.
Banga was elected President of the World Bank on 3 May 2023, having been nominated to the position in February 2023 by the Biden administration.
Early life and education Ajay Banga was born on November 10, 1959, into a Punjabi Sikh Saini"Born into a Saini Sikh family and attending schools and academic institutions in India, Banga is clearly not a typical CEO of a global company, neither in his appearance nor in his experience. ”Managing Diversity: Toward a globally inclusive workplace by Mor-Barak, Michàlle E., Publication date-2017 p.232 family, in Khadki, Bombay State (now in Maharashtra), where his father, an army officer, was posted. His family is originally from Jalandhar, Punjab. His father, Harbhajan Singh Banga, was lieutenant-general in the Indian Army.Aime Williams, Camilla Hodgson and Anjli Raval (25 February 2023), Ajay Banga, World Bank nominee must swap finance for climate Financial Times. He is the younger brother of businessman M. S. Banga.
Banga was educated at the St. Edward's School, in Shimla, Himachal Pradesh and at the Hyderabad Public School in Begumpet. He went on to graduate with a bachelor's degree in economics from the St. Stephen's College of the University of Delhi, subsequently earning his Post graduate program in management (equivalent to an MBA) from the Indian Institute of Management Ahmedabad in Gujarat.
Business career Early beginnings Beginning his business career as a management trainee with Nestlé in 1981,Suzanne Kapner (13 September 2010), Master who plays his cards right Financial Times. 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, in India as the economy liberalized.
Citigroup, 1996–2009 In 1996, Banga joined Citigroup, where he briefly worked as a debt collector as part of his training. He headed up CitiFinancial and the US Consumer Assets Division from 2000 to 2002Greg Farrell (20 June 2009), Banga leaves Citi for MasterCard Financial Times. 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. During that time, he spearheaded Citi's strategy in the microfinance sector across the world.
In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between New York and Hong Kong.Andrew Martin and Eric Dash (12 April 2010), Naming a New Chief, MasterCard Signals It Is Open to Changes New York Times. 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.Maria Aspan (12 April 2010), MasterCard names ex-Citi exec Banga as CEO Reuters. Banga received about $10 million in compensation in 2008 from Citigroup, making him one of the firm's highest paid executives that year.
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. Banga succeeded Robert W. Selander, who had been CEO since March 1997. In his first year, he received $13.5 million in compensation.
During his tenure, Banga tripled revenues, increased net income sixfold and grew market capitalization from under $30 billion to more than $360 billion. In 2020, he announced the creation of the Priceless Planet Coalition,Alan Rappeport and Coral Davenport (23 February 2023), U.S. Nominates Ajay Banga to Lead World Bank New York Times. a group of about 100 firms that make corporate investments to preserve the environment and launched Mastercard's pledge to plant 100 million trees.
Later career In 2020, Banga was elected chairman of the International Chamber of Commerce (ICC), succeeding Paul Polman. He previously had been ICC's First Vice-chair since June 2018.
On January 1, 2022, Banga assumed responsibilities at General Atlantic as vice chairman.
On May 24, 2022, he was nominated non-executive chairman of Exor, the diversified holding company controlled by the Agnelli family, replacing John Elkann (who remained as CEO). Banga stepped down in May 2023, following his appointment to the World Bank.
Career in the public sector In February 2015, President Barack Obama appointed Banga as a member of the President's Advisory Committee for Trade Policy and Negotiations.
Following the 2020 elections, Banga was an outside adviser to then Vice President Kamala Harris as chairman of the Partnership for Central America, where he led a group of business leaders who advised her on the administration's work in El Salvador, Guatemala and Honduras.Andrew Duehren and Andrew Restuccia (23 February 2023), Biden to Nominate Former Mastercard Executive Ajay Banga to Lead World Bank Wall Street Journal.
On February 23, 2023, Banga was nominated by President Biden to lead the World Bank. On May 3, 2023, the World Bank confirmed Banga as its fourteenth president, and he started his term on June 2, 2023.
Other activities Corporate boards Exor, member of the Board of Directors (2021–2023) and chairman (2022–2023)Exor appoints Ajay Banga as Chairman Exor, press release of 24 May 2022. Temasek Holdings, member of the Board of Directors (2021–2023)Ajay Banga and Jenny Lee to join Temasek Board Temasek Holdings, press release of 30 September 2021. BeyondNetZero, member of the advisory board (since 2021)Advisory Board BeyondNetZero. Dow Chemical Company, member of the Board of Directors (2013–2021)Dow Board of Directors nominates Debra L. Dial and Luis A. Moreno to the Board Dow Chemical Company, press of 11 February 2020.
Non-profit organizations Partnership for Central America (PCA), chair (since 2022) International Chamber of Commerce (ICC), chair (since 2020)ICC elects Mastercard CEO Ajay Banga as new Chair International Chamber of Commerce (ICC), press release of 23 June 2020. American Red Cross (ARC), member of the Board of Governors (since 2014) Economic Club of New York, vice chair of the BoardTrustees & Officers Economic Club of New York. Peterson Institute for International Economics, member of the Board of DirectorsBoard of Directors Peterson Institute for International Economics. Trilateral Commission, member American India Foundation, co-chair of the Board of Directors (2016–2019)AIF Announces Appointment of MasterCard CEO Ajay Banga as Co-Chair American India Foundation, press release of 26 January 2016. New York Hall of Science, vice chair of the Board of Trustee National Urban League, member of the Board Member of the Board of Trustees of the World Economic Forum.
Personal life Banga became a naturalized U.S. citizen in 2007.Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank Devex Banga has two daughters and three grandchildren.
See also Indians in the New York City metropolitan area Gita Gopinath
References
External links
Ajay Banga at Penguin India