Mastercard CEO and President, Ajay Banga will leave his position, and take over as executive chairman of the board of directors on January 1, 2021, the company said in a statement on February 25. Michael Miebach, chief product officer, will become CEO and a board member on January 1, 2021, and President on March 1, 2021. As president, Miebach will oversee the sales, marketing, products, services and technology organisations.

Miebach has been chief product officer at Mastercard since 2016, and was previously president for Middle East and Africa between 2010-15, according to his LinkedIn profile. Miebach oversaw the acquisition of Vocalink in 2016 (a UK-based payment system company) and Nets in 2019 (a Denmark-based payments platform).

Mastercard Q4 2019 earnings: Mastercard’s net revenue grew by 16% YoY to $4.4 billion, while net income grew to 134% to $2.1 billion in Q4 2019. The company’s gross dollar volume increased 12% YY, and cross-border volume increased 16%. In India, MasterCard signed a co-brand deal with Vistara Airlines, and renewed debit deals with HDFC Bank and SBI. The company has also entered into a partnership with Pine Labs, that provides PoS and prepaid services to merchants in India, Southeast Asia, and Middle East.