Ajay Banga, ex-CEO of Mastercard, appointed as President of the World Bank
- ByStartupStory | February 24, 2023
On Thursday, President Joe Biden announced that the United States has put forth the nomination of Ajay Banga to head the World Bank. Biden cited Banga’s qualifications as an Indian-American business leader that make him the ideal candidate to steer the international organization during a “critical moment in history.”
At the age of 63, Ajay Banga currently holds the position of Vice Chairman at General Atlantic after having served as the President and CEO of Mastercard, where he successfully oversaw a transformational period for the company. His contributions were recognized with the Padma Shri award in 2016.
“Given his more than three decades of experience in building and managing successful global companies, as well as guiding organizations through periods of fundamental change, Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” said President Biden in a statement. “His proven track record in managing people and systems, and partnering with global leaders around the world to deliver results, makes him an ideal fit for this role.”
Raised in India, Banga has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity, he added.
Throughout his professional journey, Banga has emerged as a prominent figure in technology, financial services, and inclusive innovation on a global scale. He held the position of honorary chairman at the International Chamber of Commerce, having served as chairman from 2020-2022, and currently serves as the chairman of Exor and an independent director at Temasek.
Banga joined BeyondNetZero, General Atlantic’s climate-focused fund, as an advisor at its inception in 2021. He has also previously served on the boards of Dow Inc., Kraft Foods, and the American Red Cross.
As the Co-Chair of the Partnership for Central America, Ajay Banga has collaborated closely with Vice President Kamala Harris. He is also affiliated with various organizations, including the Trilateral Commission, US-India Strategic Partnership Forum (where he serves as a founding trustee), National Committee on US-China Relations (where he was a former member), and American India Foundation (where he holds the position of Chairman Emeritus).
As a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York, and former member of President Barack Obama’s Commission on Enhancing National Cybersecurity, Ajay Banga has also served on the US President’s Advisory Committee for Trade Policy and Negotiations.
In 2012, he received the Foreign Policy Association Medal, followed by the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019. More recently, in 2021, he was awarded the Distinguished Friends of Singapore Public Service Star.
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