General Atlantic appoints Mastercard's Ajay Banga as Vice Chairman

#Ajay Banga, #General Atlantic, #Mastercard

Ajaypal Singh Banga (Image: Reuters)

Global growth equity giant General Atlantic has announced the appointment of former Mastercard CEO Ajay Banga as Vice Chairman. Banga will advise on strategic matters for the firm, its investment teams and its portfolio of more than 165 growth companies around the world, General Atlantic said in a statement.

Banga, who will hand over the reins of Mastercard to Michael Miebach, will assume his responsibilities with General Atlantic on January 1, 2022.

Banga will join General Atlantic after 12 years at Mastercard, including more than a decade as President and CEO, and most recently as Executive Chairman.

“We could not be more thrilled to have Ajay joining our firm at this very exciting moment for global growth investing. I have long respected Ajay’s global perspective, his focus on the long term and his leadership as a champion for innovation. Our portfolio companies and our entire firm will benefit tremendously from Ajay’s diverse experience and insights,” said Bill Ford, Chairman and CEO of General Atlantic.

The firm said that Banga remain as a member of the Advisory Board for BeyondNetZero, General Atlantic’s climate venture that invests in high-growth companies developing innovative climate solutions.

Speaking on the occasion, Banga said, “Today’s entrepreneurs are currently building some of the most exciting solutions and companies in the financial, technology, healthcare and consumer sectors, and embedding in them new approaches to tackling some of the biggest societal and environmental issues of our time.”

I look forward to helping them scale and deliver impact as a member of the General Atlantic team, itself a true partner to high-growth businesses, he added.

Banga, who started his career at Nestle India, also served as CEO of Citigroup Asia Pacific during his nearly 13-year tenure with the bank.

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