Thats baked into our HR practices as well. Mastercard CEO Michael Miebach on Wednesday expressed optimism about global travel recovery. With that in mind, I want to bring us back together. He is leading the company into a more digital world where the continued application of new technologies will further enable payments to become more seamless in the overall purchasing experience, while bolstering cyber services and data-powered insights. He has led the team who bought NETs the real time payment infrastructure in Europe and Transfast, a multi-currency platform which connects around the world. He then asked the group to consider why each candidate shouldnt get the job. Why? Transforming business, passionate about products, people, customer experience and coffee! Michael Miebach studied Business (Master's), Managerial Economics, and Michael Miebach, Mastercard's chief product officer, will succeed Banga as CEO. Miebach, currently the Chief Product Officer, will become Chief Executive Officer and a member of the Board of Directors on January 1, 2021, and, as part of the transition, to become President March 1 this year. We met each other for the first time in April 2009. And Sachin Mehra, our CFO, stepped out of an operating committee role in the finance department to become head of commercial products before returning as deputy CFO and rising to lead the team. One note on consultants, however: They can make you more successful, but they cannot do your job. Eventually, the policy will shift to at least three days per week in-office allowing for future flexibility, though policies will vary based on office location. 2021 Inclusive Capitalism. When identifying the type of leader you want to hire, solve for tomorrow. He then took over our digital business including blockchain strategy and all our global labs work, at a time when it was critical to our development. Rick met personally with him and with each of the other three candidates to inform them. I was very happy to be with our colleagues, and to hear directly from them how energizing it was to reconnect after a long time. For example, years ago, when Michael Miebach was wrapping up a successful stint as head of our Middle East and Africa operations, he was interested in leading Asia. This gives you flexibility and time to be with your team and clients and to manage the transition in your personal life. Especially for a CEO succession, the process starts and ends with the board, supported by a very small, tightly sealed executive secretariatin particular the chief people officer, who for us was the talented Michael Fraccaro. But Ajay made the case, both internally and externally, that our next generation of leaders would be better placed to deliver results going forward. Michael started his career at Mastercard in 2010 to head its Middle East and Africa operations. A subject near and dear to my heart. Stay up to date with what you want to know. She will continue to serve as Chair of the Nominating and Corporate Governance Committee when Haythornthwaite retires. From the walkways of Scottsdale Fashion Square to the seats of the Footprint Center and beyond, State Forty Eight apparel has become an iconic brand for Arizonans who want high-quality, stylish gear to represent their home state. Currently, Mastercard employees in some locations are already working in-office, operating on an A Team-B Team schedule. We built out our analytics, cybersecurity, data, and artificial intelligence capabilities, and they now account for a third of our revenue. Egon Zehnder put the top tier of potential successors through immersive offsite programs, personalized coaching and development plans, and psychometric testing and 360-degree reviewsall designed to make them more credible contenders and to ensure that they derived personal value from the process. Together is priceless. Leaders of every business, of all sizes and across sectors and geographies, contribute to this movement. He was in that job when Rick called, and although he was happy at Citigroup, he realized that leading Mastercard was an opportunity he couldnt pass up: the chance to transform a traditional and staid credit card company into a technologically savvy provider of broader financial services. Sign up for notifications from Insider! Of course, when youre dealing with something as sensitive as a CEO appointment, that means you have a consensus, not an official decision. NOW WATCH: WATCH: The founder of buzzy cannabis-tech startup Headset walked us through the pitch deck that helped him raise $12 million and ink deals with Nielsen and Deloitte, See more stories on Insider's business page. When I joined Mastercard in 2011 as head of International, I was delighted to meet a guy in his 40s called Michael Miebach, who was based in Dubai and loved to ride over the dunes on his motorcycle. New CEO and president of the group Miebach began his career at Mastercard as the president of Middle East and Africa in 2010, after spending stints as managing "As world economies start to come out of the pandemic, I see We knew it could serve as a key source of advice and support for the finalists and would help us figure out which person could most effectively make the big and difficult leap from lieutenant to top role. Human connection is such an important part of who we are and what we do. We will do it in phases to ensure your health and safety, and to adhere to local guidelines and we will start by moving forward where conditions allow. The changes are effective Jan. 1. Juni 1828 in Kln; 25. That had three knock-on effects. Michael realized it wouldnt. Those included walk-in-the-door credibility; a deep understanding of our complex business and of public-private partnerships; technological and international know-how; a strategic mind complemented by execution and delivery expertise; resilience; street smarts; character; and a strong sense of social mission, given the role we believe corporations play now in society and will continue to play far into the future. Banga, who took charge of the company just after the 2008-09 financial crisis, has seen the payment processor's revenue triple during his tenure as online shopping gained prominence around the world. Join us, and share it with our community. We focused on developing and retaining all our current and future starsnot just filling the top job. Michael was the first of nine children, born July 18, 1926, We will share updates on our COVID Resource Guide. Banga will succeed Richard Haythornthwaite, who has served as chairman since May 2006. The Bronx, N.Y.-born physician created a standard in kidney dialysis and pioneered modern palliative care. Since then he has also served as CEO of the engineering group Invensys; held seats on many boards (Imperial Chemical Industries, Premier Oil, Land Securities, and Lafarge, which acquired Blue Circle); and led several CEO searches as chair (Network Rail, Centrica, QiO Technologies, Londons Southbank Centre and Almeida Theatre, and Mastercard, now twice). Why? But because we approached the process thoughtfully and systematically, we are confident that weve made the right decision. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.

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