Citigroup Executive Leaves for MasterCard
June 20, 2009 by Mark Ellis
Filed under Business
Citigroup Inc. lost its most senior executive in Asia to MasterCard Inc. when Ajay Banga, 49, left his executive role at Citigroup to become next in line for the title of CEO of MasterCard. On August 31, MasterCard president and CEO Robert Selander will cede his president title to Banga, who will also serve as the chief operating officer.
MasterCard Worldwide debuted in 2006 and has done very well since its launch, with its stock more than quadrupling in value throughout the last three years. Banga leaves behind a troubled Citigroup, which recently took $45 billion from the U.S. government as part of the rescue package and continues to lose money.
Banga’s compensation for joining MasterCard is significant, with an $800,000 salary, a $4.2 million signing bonus, and $4.9 million in stock options. As part of his signing benefits, he is guaranteed to either be named CEO by June 30, 2010, or to not have to give up any of his signing bonus.
Image: Flickr
