Ajaypal Singh Banga (born November 10, 1959) is an

Indian-American Indian Americans or Indo-Americans are citizens of the United States with ancestry from India. The United States Census Bureau uses the term Asian Indian to avoid confusion with Native Americans, who have also historically been referred to ...

business executive. He is currently Vice Chairman at

General Atlantic General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for ...

. He was

executive chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

of Mastercard, after having previously served as president and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

(CEO) of the company from July 2010 until December 31, 2020. He retired from this position on December 31, 2021 to join General Atlantic. His pay package in 2020, was $27.77 million. Banga is the former chairman of the U.S.-India Business Council (USIBC) representing more than 300 of the largest international companies investing in India, and chairman of the

International Chamber of Commerce The International Chamber of Commerce (ICC; French: ''Chambre de commerce internationale'') is the largest, most representative business organization in the world. Its over 45 million members in over 100 countries have interests spanning every s ...

. He is also a member of the board of directors of the

Dow Chemical Company The Dow Chemical Company, officially Dow Inc., is an American multinational chemical corporation headquartered in Midland, Michigan, United States. The company is among the three largest chemical producers in the world. Dow manufactures plastic ...

; member of the

Council on Foreign Relations The Council on Foreign Relations (CFR) is an American think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, mi ...

; and member of International Business Council of the

World Economic Forum The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...

Early life

Banga was born on November 10, 1959 in

Khadki Khadki is a cantonment in the city of Pune, India. It has now flourished as a quasi-metropolis & centered in the northern region of the city. Description Khadki could be considered an Indian Army base, along with an ordnance factory consisting ...

cantonment of

Pune Pune (; ; also known as Poona, (List of renamed Indian cities and states#Maharashtra, the official name from 1818 until 1978) is one of the most important industrial and educational hubs of India, with an estimated population of 7.4 million ...

Bombay State Bombay State was a large Indian state created at the time of India's Independence, with other regions being added to it in the succeeding years. Bombay Presidency (roughly equating to the present-day Indian state of Maharashtra, excluding Sou ...

, India (now in

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

) into a

Sikh Sikhs ( or ; pa, ਸਿੱਖ, ' ) are people who adhere to Sikhism, Sikhism (Sikhi), a Monotheism, monotheistic religion that originated in the late 15th century in the Punjab region of the Indian subcontinent, based on the revelation of Gu ...

family, where his father, an army officer, was posted. His family is originally from

Jalandhar Jalandhar is the third most-populous city in the Indian state of Punjab and the largest city in Doaba region. Jalandhar lies alongside the Grand Trunk Road and is a well-connected rail and road junction. Jalandhar is northwest of the state ...

Punjab Punjab (; Punjabi: پنجاب ; ਪੰਜਾਬ ; ; also romanised as ''Panjāb'' or ''Panj-Āb'') is a geopolitical, cultural, and historical region in South Asia, specifically in the northern part of the Indian subcontinent, comprising ...

. His father, Harbhajan Singh Banga is a retired

lieutenant-general Lieutenant general (Lt Gen, LTG and similar) is a three-star military rank (NATO code OF-8) used in many countries. The rank traces its origins to the Middle Ages, where the title of lieutenant general was held by the second-in-command on the ...

who served in the

Indian Army The Indian Army is the land-based branch and the largest component of the Indian Armed Forces. The President of India is the Supreme Commander of the Indian Army, and its professional head is the Chief of Army Staff (COAS), who is a four- ...

. He is the younger brother of businessman M. S. Banga. Banga grew up and attended schools across India, successively in

Secunderabad Secunderabad, also spelled as Sikandarabad (, ), is a twin cities, twin city of Hyderabad and one of the six zones of the Greater Hyderabad Municipal Corporation (GHMC) in the States and union territories of India, Indian state of Telangana. It ...

Delhi Delhi, officially the National Capital Territory (NCT) of Delhi, is a city and a union territory of India containing New Delhi, the capital of India. Straddling the Yamuna river, primarily its western or right bank, Delhi shares borders w ...

Ahmedabad Ahmedabad ( ; Gujarati: Amdavad ) is the most populous city in the Indian state of Gujarat. It is the administrative headquarters of the Ahmedabad district and the seat of the Gujarat High Court. Ahmedabad's population of 5,570,585 (per t ...

, before finishing his schooling in

Shimla Shimla (; ; also known as Simla, List of renamed Indian cities and states#Himachal Pradesh, the official name until 1972) is the capital and the largest city of the States and union territories of India, northern Indian state of Himachal Prade ...

Education

Banga primary education was completed at the

Hyderabad Public School The Hyderabad Public School, Begumpet (HPS, Begumpet) is a privately funded public school in Hyderabad, Telangana State, India. Children are schooled from the pre-primary stage to the 12th standard (ages 3 to 17). The school is affiliated with ...

Begumpet Begumpet ("Begum's Place") is a part of Secunderabad, Hyderabad, Telangana, India. Begumpet is named after the daughter of the sixth Nizam (Mahbub Ali Khan, Asaf Jah VI), Basheer Unnisa Begum, who received it as part of her wedding dowry when ...

. Banga went on to graduate with a

Bachelor of Arts Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...

(Honours) degree in

Economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...

from St. Stephen's College,

Delhi University Delhi University (DU), formally the University of Delhi, is a collegiate university, collegiate Central university (India), central university located in New Delhi, India. It was founded in 1922 by an Act of the Central Legislative Assembly and ...

followed by PGP in Management (equivalent to MBA) from the

Indian Institute of Management, Ahmedabad Indian Institute of Management Ahmedabad (IIM Ahmedabad) is the world's number 1 business school, located in Ahmedabad, Gujarat, India. The school has been accorded the status of an Institute of National Importance by Ministry of Human Resource ...

Business career

Beginning his business career with

Nestlé Nestlé S.A. (; ; ) is a Switzerland, Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It is the largest publicly held food company in the world, measured by revenue and other me ...

in 1981, Banga spent the next 13 years working in jobs spanning sales, marketing, and general management. He later joined

PepsiCo PepsiCo, Inc. is an American multinational food, snack, and beverage corporation headquartered in Harrison, New York, in the hamlet of Purchase. PepsiCo's business encompasses all aspects of the food and beverage market. It oversees the manuf ...

and was involved in the launch of its international fast food franchises in India as the economy liberalized. Banga has a keen interest in social development issues, and over the period from 2005 to mid-2009, he spearheaded Citi's strategy in the microfinance sector across the world. In 2020 he was elected chairman of the

(ICC) succeeding

Paul Polman Paulus Gerardus Josephus Maria Polman, (born 11 July 1956) is a Dutch businessman and author. He was the chief executive officer (CEO) of the British consumer goods company Unilever. Polman is also the author of ''Net Positive: How Courageous Co ...

. He previously served as ICC’s First Vice-Chair since June 2018. Mastercard announced in April 2010 that Banga, previously its

chief operating officer A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if t ...

(COO), would become president and

, effective July 1, 2010, and a member of the

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

. Banga succeeded Robert W. Selander, who had been CEO since March 1997. On January 1 2022, Banga assumed responsibilities at General Atlantic as Vice Chairman .

U.S. government

In February 2015, President

Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the U ...

appointed Banga to serve as a member of the President's Advisory Committee for Trade Policy and Negotiations.

Honors and other activities

Banga, was the keynote speaker at the

NYU Stern New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then-Secretary of the Treasury Albert Gallatin. In 1832, the ...

2014 Graduate Convocation on May 22, 2014, where he spoke about the importance of diversity in driving innovation and leadership. He also was a keynote speaker for his alma mater, the

Indian Institute of Management Ahmedabad Indian Institute of Management Ahmedabad (IIM Ahmedabad) is the world's number 1 business school, located in Ahmedabad, Gujarat, India. The school has been accorded the status of an Institute of National Importance by Ministry of Human Resource ...

, during the Class of 2015's convocation. Banga is a regular speaker at various

FinTech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

conferences and various leadership conferences. He also appeared on the

Mad Money ''Mad Money'' is an American finance television program hosted by Jim Cramer that began airing on CNBC on March 14, 2005. Its main focus is investment and speculation, particularly in public company stocks. Cramer defines "mad money" as th ...

show hosted by

Jim Cramer James Joseph Cramer (born February 10, 1955) is an American television personality and author. He is the host of ''Mad Money'' on CNBC and an anchor on ''Squawk on the Street''. A former hedge fund manager, founder, and senior partner of Cramer ...

on Thursday, 6 Nov 2014 Banga was vice chairman of the board of trustees of the

New York Hall of Science The New York Hall of Science, also known as NYSCI, is a science museum located in Flushing Meadows-Corona Park in the New York City borough of Queens, in the section of the park that is in Corona. It occupies one of the few remaining structures fr ...

and a board member of the

National Urban League The National Urban League, formerly known as the National League on Urban Conditions Among Negroes, is a nonpartisan historic civil rights organization based in New York City that advocates on behalf of economic and social justice for African Am ...

. He was formerly a business sponsor of Citi's African heritage network – NYC. Banga joined the advisory board of

climate change In common usage, climate change describes global warming—the ongoing increase in global average temperature—and its effects on Earth's climate system. Climate change in a broader sense also includes previous long-term changes to E ...

fund, BeyondNetZero, in July 2021. The

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

awarded Banga the civilian honour of the

Padma Shri Padma Shri (IAST: ''padma śrī''), also spelled Padma Shree, is the fourth-highest Indian honours system, civilian award of the Republic of India, after the Bharat Ratna, the Padma Vibhushan and the Padma Bhushan. Instituted on 2 January 1954, ...

in 2016.

References

External links

*
Ajay Banga
at

Penguin India Penguins ( order Sphenisciformes , family Spheniscidae ) are a group of aquatic flightless birds. They live almost exclusively in the Southern Hemisphere: only one species, the Galápagos penguin, is found north of the Equator. Highly adapt ...

{{DEFAULTSORT:Banga, Ajay American chief executives of financial services companies Directors of Dow Inc. Businesspeople from Pune Living people Punjabi people Indian Sikhs Indian Institute of Management Ahmedabad alumni American people of Punjabi descent American Sikhs Indian emigrants to the United States American chief operating officers Recipients of the Padma Shri in trade and industry 1960 births Peterson Institute for International Economics 20th-century American businesspeople 21st-century American businesspeople American people of Indian descent American chief executives American chief executives of Fortune 500 companies