2/25, 1:12 PM (Source: TeleTrader)
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Mastercard names ex CPO Miebach as new CEO

Mastercard Incorporated announced on Tuesday the new Chief Executive Officer will be Michael Miebach (pictured) who was serving as the company's chief product officer until now. Miebach will succeed Ajay Banga beginning January 1, 2021.

In the official statement, Banga said that Miebach "a proven track record of building products and running businesses globally" and that he was one of the key persons who led "the acquisition of Vocalink and the pending transaction with Nets--to address a broader set of payment flows." The credit card company warned on Monday that its 2020 revenue might suffer due to the ongoing outbreak of the coronavirus.

After the announcement on the new CEO was released, Mastercard shares fell 2.01% in premarket.

Breaking the News / TF