Michael Miebach is chief executive officer of Mastercard and a member of the companys board of directors. Succession wasnt a topic of conversation just for the two of us early on; we floated the idea of a 10-year stint with the rest of the board, investors, and employees at our town hall meetings. Got a confidential news tip? Michael holds a Master of Business Administration from the University of Passau in Germany. "If the impact is limited to the first quarter only, we expect that our 2020 annual year-over-year net revenue growth rate would be at the low end of the low-teens range," Mastercard said. A subject near and dear to my heart. A version of this article appeared in the, David Vintiner (Haythornthwaite); Mackenzie Stroh (Banga). The latter obliges you to inform the people involved immediately and make public announcements. The Egon Zehnder team also helped the board finalize our role spec. Michael Miebach, Mastercard's chief product officer, will succeed Banga as CEO. Michael was obviously delighted. Mastercard was looking for a new CEO amid a global financial crisis. The next piece of the puzzle was our own succession. I look forward to seeing you over coffee chats and unexpected run-ins. WebMichael holds a Master of Business Administration from the University of Passau in Germany. 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). He is leading the company into a more digital world where "Thanks to the efforts of the entire leadership team, we are well-positioned for future success as we continue to embrace emerging and new technologies, making every device a device of commerce," he said. Consider a broad pool of your own employees first. Ajay was willing and able to lead Mastercard through the turmoil into a digital future. Mastercard's chief executive officer of 10 years, Ajay Banga, will step down at the start of the next year, the company said on Tuesday, and be replaced by Chief Product Officer Michael Miebach. By April 2019 we had four front-runners about whom we felt extremely positive. If you are in the U.S., you have the opportunity to voluntarily self-report your vaccination status through Workday. Michael Miebach, Mastercard's chief product officer, will succeed Banga as CEO. Mastercard is a global technology company in the payments industry. Michael Miebach: Birthday: 1968: Age: 52: Gender: Male: Nationality: American: Profession: CEO of MasterCard, Businessman: Net Worth: $19,000,000 (approx) First, some background on us: Rick became a FTSE 100 chief executive quite unexpectedly at age 42. Many CEOs struggle to envision a future in which they are no longer leading their companies; they become their roles and want to be carried out feet first. I too had the pleasure of working with Michael across many years in both regional at global roles and I wish you great success as CEO. We identified 42 men and women in a variety of positions, all of whom received group and personalized leadership training and coaching. For much of the past decade, first as chief product officer and then president, Michael was critical to setting the strategy that transformed the companys offerings from a consumer card-centric business to a platform supporting choice in how businesses, people and governments make payments. Banga said Miebach has a proven track record of building products and running businesses globally and over his career, he has held leadership positions in Europe, the Middle East and Africa and in the US across payments, data, banking services and technology. What more can I say about Michael? And although the others were disappointed, they were accepting and assured us that they would stay on and move forward as a team. Barbara Stanwyck, Michael Burns, and Colleen Dewhurst in The Big Valley episode "A Day of Terror" (1966) Michael Thornton Burns (born December 30, 1947) is an American professor emeritus of history at Mount Holyoke College, [2] and a published author and former television and film teen actor, most known for the television series Wagon Train . We built out our analytics, cybersecurity, data, and artificial intelligence capabilities, and they now account for a third of our revenue. He is leading the company into a more digital world where Mastercard powers economies and empowers people by harnessing innovation and the continued application of new technologies. Mastercard offices in places like Sydney and Dubai are already at this stage of two-days in the office per week. And you want everyone else involved to accept that it was exactly the right decision for the company. Michael Miebach We want to hear from you. Ajay said no. All American Speakers Bureau is a full-service talent booking agency providing information And it starts by returning to the office. Prior to Barclays, he was at Citibank working as a general manager. After seriously considering four final candidates (all of whom were internal), the board unanimously voted to appoint Michael Miebach, a veteran Mastercard executive, as the companys next CEO. Invest as low as 10,000 and earn better returns than FD, Find safe & high-yielding bonds for your buck. Berlin, Germany. To contact the Payments Leadership Council, clickthe link below or email [email protected] We focused on developing and retaining all our current and future starsnot just filling the top job. 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. This button displays the currently selected search type. Along with the rest of the board and the executive team, we spent the next five years working to expand and transform our business, but by 2015 we had resumed the next-succession conversation in a more concrete way. They interviewed individual directors to learn more about how they saw Mastercard stepping into the future with a new CEO and then played those findings back to the group. For most of the U.S., we hope to have you in by September. We saw him pick up our core products which are so powerful to our global growth. The company is helping to deliver better experiences that are shaping the future of seamless commerce, while bolstering cyber services and data-powered insights. WebMichael Miebach is 54 years old. 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. 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. During remarks Tuesday at the conference, ETA CEO Jodie Kelley said about one-quarter of small- and medium-sized businesses are using AI in payment processing. Take a look:#michaelmiebach #mastercard #ceo #digitaleconomy #globalceo #cnbctv18 #businessnews #businessnewstoday #businessnewsinenglish #sharemarkettoday About CNBC-TV18: India's leading business news channel, CNBC-TV18 offers the most comprehensive coverage of businesses, the economy and the financial markets. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. 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. India-born Banga will take on the role of executive chairman, while Miebach will become the company's president on March 1. When we took stock of how cash was being used, the path forward came into focus. Finally, encourage impartiality until the moment the directors will debate their way to a decision. Krishna joined the club that includes Microsoft CEO Satya Nadella, Google and Alphabet CEO Sundar Pichai, MasterCard CEO Ajay Banga, PepsiCo's former CEO Indra Nooyi and Adobe CEO Shantanu Narayen. Our early start allowed us to do something that in our opinion is key to a strong and well-received CEO succession: We cast a wide internal net. Stay up to date with what you want to know. The board elected to proceed with that plan, having considered a range of alternatives. The Bronx, N.Y.-born physician created a standard in kidney dialysis and pioneered modern palliative care. In 2021, Miebachs total compensation was reportedly USD 16.1 million, which included salary, cash bonuses, stock options, and others. As a chief executive, its perhaps even harder to think about how to replace yourself with someone who you believe will do the job better than you could over the next decade. We interviewed three firms and ultimately chose Egon Zehnder. Banga credited Miebach for being a key architect of Mastercard's multi-rail strategyincluding leading the acquisition of Vocalink and the pending transaction with Netsto address a broader set of payment flows. His collaborative approach creates scalable and trusted solutions for the exchange of payments and data and can be seen in his leadership of the acquisitions of Vocalink, Finicity, Ekata, CipherTrace and the corporate services business of Nets each expanding Mastercards range of payment flows. Having figured all that out, we opted not to interview anyone external. However, his influence spreads far beyond his current company. Michael Miebach, CEO, Mastercard. Banga will succeed Richard Haythornthwaite, who has served as chairman since May 2006. What's Michael Miebach's mailing address? Required fields are marked *. Remaining locations will follow when local conditions permit. A Division of NBCUniversal. Leben. Some were also assigned board-level mentors; for example, Ajay suggested that Rick take on Michael, then a rising star in Middle East operations. "As world economies start to come out of the pandemic, I see Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. 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. We committed to inclusivity in decision-making, asking the entire board to participate. From consumer finance to cards and investment and corporate baking, he was involved in different aspects of the business at different levels. Banga further added that as Mastercard moves into the next phase of growth, we have a deep leadership benchwith Michael at the helmto take us to the next level., Banga is among the small and growing group of Indian-Americans at the helm of the US and global multi-national giants. It quickly turned into a strategy session. Michael holds a Master of Business Administration from the University of Passau in Germany. or medium without express writtern permission of moneycontrol.com is prohibited. The imminent CEO succession was our focus, of course, butbelieve it or notwe also discussed the next one: Before Ajay even had the job, we were imagining his replacement and both expressing determination that we should not have to hire from outside the next time around. He kept all this information in confidence, but when the board finally met over dinner, he used it as a template for the discussion, encouraging people to speak up for their favored successors and ensuring that all opinions were heard. Michael holds a Master of Business Administration from the University of Passau in Germany. Being together is part of who we are and how we work. Starting in September, Mastercard's US employees will be expected in office at least two days per week, though the CEO said that situations involving schooling and COVID-19 health concerns will be considered. While learning how to compete with even more of an edge in the marketplace, we held fast to our reputation for decency. CEO succession decisions are never easy. In this way we can look across the whole enterprise for moves that will make the most sense for our people and the company. His collaborative approach creates scalable and trusted solutions for the exchange of payments and data and can be seen in his leadership of the acquisitions of Vocalink and Finicity, as well as the pending transaction with Nets each expanding Mastercards range of payment flows. One of us (Rick) was chairman of the board and leading the search; the other (Ajay) was a Citigroup executive who had been suggested as a potential candidate. In recent years we have expanded our focus on the customer experience and moved into real time payments. WebMichael Miebach, President of Mastercard, is responsible for overseeing the sales, marketing, products, services, and technology organizations for the company. Michael was the first of nine children, born July 18, 1926, We cast a wide net, considering more than 40 internal employees and a handful of standout externals before selecting our finalists. Contact Effective Jan. 1, Banga will succeed Richard Haythornthwaite, who has served as chairman since May 2006. Ajay joined Mastercard as president and chief operating officer in August 2009 and moved into the CEO seat in July 2010. Ajay Banga, chief executive officer of MasterCard Inc. Involve the entire board and the outgoing CEO. The Indian-born top executive said the company has built a growth-oriented mindset and operated with a sense of urgency, delivering a 13 per cent compound annual revenue growth from 2009 through 2019. The New-York based business executive, Michael Miebach replaced Ajay Banga in 2021 to become the CEO of one of the worlds largest financial services companies, Mastercard (headquartered in Purchase, New York, US). 2023 CNBC LLC. 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. His LinkedIn profile can be viewed at https://www.linkedin.com/in/michaelmiebach. Juni 1828 in Kln; 25. As President of the company, Miebach will oversee the sales, marketing, products, services and technology organizations. Some of its offices, like Sydney and Dubai, are already at this phase. (Photo credit: Isaac Latimer) Our message is always Im here for you. Catch all your favourite shows, exclusive videos, big-ticket interviews and more here. We didnt want anyone involved to feel that our eventual choice had been made capriciously or with bias. Helped by natural retirements, we eliminated a top layer of the hierarchy so that 30 executives could become part of the reconstituted management committeeand have their careers guided by Ajay. Once Egon Zehnder had been hired, we doubled down on our commitment to invest in talent development so that every participant would feel well served by the experienceand ideally, willing to stay with Mastercardeven if not chosen as CEO. It committed to inclusivity in decision-making, asking the entire board to participate. The government-sponsored organization specializes in housing loans. Another key principle we adhered to from the beginning and further emphasized as the succession process accelerated was to involve the entire board. Mastercard's current Chairman, Richard Haythornthwaite, will retire from the Board after more than a decade of exceptional service when Banga assumes the role of Executive Chairman. Michael's mailing address filed with the SEC is 2000, Purchase Street, Town/Village of Harrison, Westchester County, New Michaels move to be our chief product officer in 2016 was very timely. Why? Second, we should diversify by expanding into adjacent spaces such as cybersecurity and data analytics, adding value to the core offering. The core of our strategy coming out of the 20082009 financial crisis was simple: compete not against Visa and American Express but against cash, which then accounted for 85% of retail payments globally. Amazon has also added a surcharge for Visa credit card WebMichael is also a board member at large for the Ronald McDonald House New York City, a charity that offers vital resources and compassionate care to children and their families being treated by the worlds leading pediatric cancer hospitals. We wanted our brightest and best talent to be driven to help build a great company and, one day, to run it. What a great article! So the two of us never even hinted at which way we were leaning. #n18oc_business You can also connect with CNBC-TV18 News OnlineCatch the latest news: https://bit.ly/2YbpXBMFollow CNBC-TV18 round the clock: https://www.cnbctv18.com/live-tv/Stay updated with all the market action: https://www.cnbctv18.com/market/Follow experts on the most vital topics: https://www.cnbctv18.com/expert-views/Subscribe to our Channel: https://bit.ly/3nvEcxfLike us on Facebook: https://www.facebook.com/cnbctv18india/Follow us on Twitter: https://twitter.com/CNBCTV18Newsn18oc_business As the chairman of a publicly traded multinational corporation, its difficult to contemplate replacing a charismatic, visionary CEO who tripled your organizations revenue, increased its net income sixfold, and grew the company from $30 billion in market capitalization to $300 billion during his 10-year tenure. The Board unanimously elected Miebach to his new role. The business executive lives in New York with his family. This mutual forward-looking focus was how we knewover the course of a few hours conversationthat wed found a fit. The business executive lives in New York with his family. The company said in a statement that Banga will become Executive Chairman of the Board of Directors effective January 1, 2021. Once you allow board members to express their views, you cant put the genie back in the bottle. We took nothing for granted and wanted to start developing the pipeline as soon as we could. These one-downs, two-downs, and even three-downs also gained more exposure to the board, by presenting at meetings and engaging with the directors personally through informal coffees or speed-dating sessions at quarterly meetings designed to connect as many board members with key executives as possible.

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