Michael Miebach is Chief Executive Officer of Mastercard and a member of the companys board of directors. Instead he needed to supplement his expertise in market development, sales, and client management with exposure to the technology and data sides of our business; to go to the United States, our most important geographic region; and to stretch himself in more ambiguous, less straightforward roles. In February 2020 that multiyear process came to its natural conclusion. Berlin, Germany. 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. Especially for a CEO succession, the process starts and ends with the board, supported by a very small, tightly sealed executive secretariatin particular the chief people officer, who for us was the talented Michael Fraccaro. (Recommended: Paypal CEO Email & Net Worth Dan Schulman). We needed to win in the core payment space by supporting choice, making it easy and intuitive for people to securely pay however they wanted: account-to-account or by credit, debit, or prepaid card, or any other system that might evolve, such as blockchain. WebMichael Miebach (* 11. The next piece of the puzzle was our own succession. His product group today has leaders from all over the world who he has developed into key players in their products and markets. However, his influence spreads far beyond his current company. Much of that work started in South Africa and spread to Sub Sahara and places like Egypt before becoming the global success it is today. Egon Zehnder put the top tier of potential successors through immersive offsite programs, personalized coaching and development plans, and psychometric testing and 360-degree reviewsall designed to make them more credible contenders and to ensure that they derived personal value from the process. Miebach, currently the Chief Product Officer, will become Chief Executive Officer and a member of the Board of Directors on January 1, 2021, and, as part of the transition, to become President March 1 this year. Sign up for free newsletters and get more CNBC delivered to your inbox. This strategy, combined with the companys customer focus, helped Mastercard evolve and diversify into new areas including real-time payments, open banking, digital identity and other value-added services. Other locations, such as New York City and Arlington, will soon follow. His LinkedIn profile can be viewed at https://www.linkedin.com/in/michaelmiebach. Wirtschaftsrat 2021. Over time we have truly transformed every aspect of our business: strategy, structure, product, talent, and culture. There are 172 census records available for the last name Mibach. 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. Knowledge Economy, Innovation Economy, IP Attorney. No directoror CEO candidatewants to be involved in a process that feels choreographed to a predetermined conclusion. Thats baked into our HR practices as well. Theater owners group optimistic about future of moviegoing Second, we should diversify by expanding into adjacent spaces such as cybersecurity and data analytics, adding value to the core offering. I am excited to continue working closely with Michael and supporting Mastercard's success when I become Executive Chairman, Banga said. He really is a global citizen; grew up in Europe, lived in the Middle East and now lives in America. Michael He served as Chairman of Cuttack municipality (1979-80 and 1992-95). Ajay said no. NOW WATCH: WATCH: The founder of buzzy cannabis-tech startup Headset walked us through the pitch deck that helped him raise $12 million and ink deals with Nielsen and Deloitte, See more stories on Insider's business page. Michael was the first of nine children, born July 18, 1926, in Campbell. Great succession planning and a fantastic person and leader to carry on the trajectory started by Ajay, well done Mastercard ! And it all started when CEO and Co-founder Michael Spangenberg studied hospitality at Scottsdale Community College 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. Michael holds a Master of Business Administration from the University of Passau in Germany. 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. As we make our own transitionsRick out of the chairmans seat and Ajay into it after handing the CEO role to Michaelwe want to offer more detail about our approach. 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. Remaining locations will follow when local conditions permit. Organizations that start thinking about their CEO successions one, two, or even three years before the desired transition point often end up passing over people who could have been real contenders if only theyd been given more investment, development, and time. Michael Miebach 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. Miebach has "as a proven track record of building products and running businesses globally," Banga said in a statement. American Express CEO Email & Net Worth Steve Squeri, Paypal CEO Email & Net Worth Dan Schulman, https://www.linkedin.com/in/michaelmiebach, Coinbase CEO Email & Net Worth Brian Armstrong, Sallie Mae CEO Jonathan Witter (Age 53), Vanguard CEO Mortimer Buckley (Age 54), Capital One CEO Richard Fairbank (Age 73), American Express CEO Stephen Squeri (Age 64), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Sun Communities CEO Gary Shiffman (Age 67), Healthpeak Properties CEO Tom Herzog (Age 59). Today we have reached around 500 million people and connected them to the worlds financial system. Hed been hired by the cement maker Blue Circle Industries but told that he wouldnt be a candidate for the top job. Daily Current Affairs April 25 2023 | Latest News | Download PDF Because when a leader has been successful for that long, people often stop pushing back against him or her. Ajay Banga, chief executive officer of MasterCard Inc. We want to hear from you. We built out our analytics, cybersecurity, data, and artificial intelligence capabilities, and they now account for a third of our revenue. Every June each manager has a conversation with each of his or her direct reports to assess development areas (what theyre doing well, what they could do better, how they rate across thoughtful risk-taking, sense of urgency, making the complex simple, and empowerment with accountability) along with career aspirations and how they plan to achieve them. Michael has led a series of major acquisitions to take us there, including buying Vocalink, the payments infrastructure of the UK, which has one of the best AI fraud tracking systems in the world. Catch all your favourite shows, exclusive videos, big-ticket interviews and more here. For most of the U.S., we hope to have you in by September. This mutual forward-looking focus was how we knewover the course of a few hours conversationthat wed found a fit. Michael Miebach, Mastercard's chief product officer, will succeed Banga as CEO. Michael Norman celebrates after winning gold in the men's 400-meter final at the 2022 World Athletics Championships on July 22, 2022 in Eugene, Oregon. Mastercard CEO Email & Net Worth | Michael Miebach Banga will be succeeded by Mastercards Chief Product Officer Michael Miebach, who first joined the company in 2010 as president of Middle East and Africa. ->->MC_ENG_DESKTOP/MC_ENG_NEWS/MC_ENG_BUSINESS_AS/MC_ENG_ROS_NWS_BUS_AS_ATF_728, Twitter to take 10% cut on content subscriptions after 12 months, Hyundai total sales rise 3.5%, 58,201 units in April, Invest in high-rated bonds from as low as Rs. 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. Michael Miebach was born in Germany. 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. The dominant voices will begin to pollute the conversation. Eventually, the policy will shift to at least three days per week in-office allowing for future flexibility, though policies will vary based on office location. As of 2023, Mastercard is valued between 350-375 billion USD. New CEO and president of the group Miebach began his career at Mastercard as the president of Middle East and Africa in 2010, after spending stints as managing Rick met personally with him and with each of the other three candidates to inform them. It insisted on solving for tomorrows problems, not todays, in clarifying what type of new leader was needed. (Photo credit: Isaac Latimer) Ade Adepitan, left, a TV presenter and Paralympic medalist from Nigeria, and Noah, born under apartheid in South Africa to a Black mother and white father and classified as colored, shared stories of their upbringing and how they use their talents and platform to advocate for inclusion. Here's what you can expect in this initial phase: We will continue to work with local governments to comply with all health and safety measures. Of course, when youre dealing with something as sensitive as a CEO appointment, that means you have a consensus, not an official decision. (Suggested: American Express CEO Email & Net Worth Steve Squeri). Mastercard Earlier in his career, Michael held senior roles at both Barclays Bank and Citibank. Involve the entire board and the outgoing CEO. Michael Miebach The company was flying high, and the board was reluctant to see Ajay depart but recognized that we didnt want top talent to start leaving because opportunities wouldnt open up. #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 Mastercard CEO shrugs off risks of Amazon fee battle, supply chain What more can I say about Michael? The Bronx, N.Y.-born physician created a standard in kidney dialysis and pioneered modern palliative care.