- By Priyanka Payal
- Thu, 04 May 2023 03:07 PM (IST)
- Source:JND
IN WHAT is seen as a proud moment for India, Indian origin Ajay Banga has been selected as the new World Bank President for a five-year term. On Wednesday, the World Bank's 25-member executive board confirmed former Mastercard CEO Ajay Banga (63) for the post of next President of the World Bank. Banga will succeed current President David Malpass and his appointment is effective June 2. Banga’s appointment comes at a time when the lender is seeking to tackle climate change more effectively. India is one of 189 nations in the world that constitute the World Bank.
Banga, who was the sole contender to replace departing World Bank chief David Malpass was nominated for the post by US President Joe Biden in late February. Noticeably, he is also a recipient of India’s fourth-highest civilian award Padma Shri.
Banga is the son of an Indian Army officer and moved around the country during his childhood. He is married to Ritu Bange and has two daughters, Jojo and Aditi.
Banga’s career
The 63-year-old Indian-American Ajaypal Singh Banga is currently vice chairman of the equity firm General Atlantic.
He started his career with Nestle in 1981 and then worked at Pepsico. At Nestle, he worked for over a decade in marketing, sales, and management roles. He spent two years with PepsiCo, where he was instrumental in launching its fast-food franchises in India. Banga spent a decade as president and CEO of Mastercard. He also held various positions at Citigroup Inc., including as CEO of the Asia-Pacific region.
In 2010, Ajay Banga was appointed as President and CEO at MasterCard. He was also a member of the Board of Directors. In 2020, he assumed the role of the Chairman of the International Chamber of Commerce (ICC).
Ajay Banga’s education
Ajay Banga finished his schooling at Hyderabad Public School. He is a graduate of Delhi University and obtained a post-graduate degree from the Indian Institute of Management, Ahmedabad (IIM-A).
His net worth and salary
According to CNBC, Ajay Banga’s net worth was $206 million (Rs 17 billion) in 2021. He also owns Mastercard stocks worth approximately $113,123,489.
According to reports, Ajay Banga was taking home $23,250,000 per annum as his salary at Mastercard, which indicates that he was earning Rs 5.2 million daily.