Mastercard Names Insider As New Chief Executive Officer
A Mastercard Inc. credit card is arranged for a photograph in Tiskilwa, Illinois, U.S. (Photographer: Daniel Acker/Bloomberg)

Mastercard Names Insider As New Chief Executive Officer

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Mastercard is naming an insider as its new chief executive officer.

Michael Miebach, who is currently the company's chief product officer, will take over for Chief Executive Officer Ajay Banga to start 2021. Banga will become the company's executive chairman, replacing the retiring Richard Haythornthwaite. Miebach will also get a seat on the board at the company, based in Purchase, New York.

The Tuesday announcement comes a day after Mastercard Inc. said that first-quarter revenue growth might be about 2 to 3 percentage points lower than previously predicted due to the viral outbreak in China. Shares fell 2.1 percent in pre-market trading.

Also read: Mastercard Cuts Revenue Forecast as Coronavirus Hits Travel

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