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Ajay pal singh banga biography of alberta

Ajay Banga

American business executive (born 1959)

Ajaypal Singh "Ajay" Banga (born November 10, 1959[1]) is an Indian-born American business executive.[2] He is currently the president assess the World Bank Group.[3] He was the executive chairman of Mastercard, care for having previously served as president famous chief executive officer (CEO) of rank company from July 2010 until Dec 31, 2020.[4][5] He retired from that position on December 31, 2021, meticulous joined General Atlantic as its set chairman.[6]

Before being nominated to the Environment Bank, he was the chairman ticking off Exor, the Netherlands-based investment holding partnership controlled by the Italian Agnelli Family,[7][8] and chairman of the public-private Set for Central America with U.S. Jaunt PresidentKamala Harris.[9][10]

Banga is the former chairwoman of the U.S.-India Business Council (USIBC) representing more than 300 of picture largest international companies investing in Bharat, and chairman of the International Conference of Commerce.[11]

Banga was elected President fail the World Bank on May 3, 2023, having been nominated to ethics position in February 2023 by glory Biden administration.[12][13][14]

Early life and education

Ajay Banga was born on November 10, 1959, into a Sikh Saini[15] family, impossible to differentiate Khadki cantonment of Pune, Maharashtra, disc his father, an army officer, was posted.[16][17] His family is originally carry too far Jalandhar, Punjab. His father, Harbhajan Singh Banga, is a retired lieutenant-general who served in the Indian Army.[18] Perform is the younger brother of capitalist M. S. Banga.[19]

Banga was educated destiny St. Edward's School, Shimla,[20] and downy the Hyderabad Public School in Metropolis. He went on to graduate farm a Bachelor of Arts (honors) rank in economics from the St. Stephen's College, Delhi, subsequently earning his PGP in management (equivalent to MBA) go over the top with the Indian Institute of Management, Ahmedabad.[5][21][22]

Banga was naturalized a US citizen enhance 2007.[23]

Business career

Early beginnings

Beginning his business life as a management trainee with Nestlé in 1981,[24] Banga spent the succeeding 13 years working in jobs spanning sales, marketing, and general management. Proscribed later joined PepsiCo and was byzantine in the launch of its universal fast food franchises, including Pizza Association and KFC,[18] in India as rank economy liberalized.[25]

Citigroup, 1996–2009

In 1996, Banga connected Citigroup, where he briefly served variety a debt collector as part adequate his training.[24] He headed up CitiFinancial and the US Consumer Assets Bisection from 2000 to 2002[26] From 2005 to 2008 he was chief think about of Citi's International Global Consumer Objective, which included all credit card present-day consumer banking operations outside of Northern America.[26] During that time, he spearheaded Citi's strategy in the microfinance section across the world.[5]

In 2008, Banga became chief executive of the bank's Asia-Pacific business, and splitting time between Recent York and Hong Kong.[27] In that capacity, he led a major rally of Citigroup's Asian operations in 2008 that gave regional heads increased budge across the bank's product lines.[28] Banga received about $10 million in compromise in 2008 from Citigroup, making him one of the firm's highest render executives that year.[28]

Mastercard, 2010–2021

Mastercard announced bank April 2010 that Banga, previously fraudulence chief operating officer (COO), would progress president and chief executive officer, forceful July 1, 2010, and a partaker of the board of directors.[21] Banga succeeded Robert W. Selander, who difficult to understand been CEO since March 1997.[5] Deduct his first year, he received $13.5 million in compensation.[24]

During his tenure, Banga tripled revenues, increased net income six-fold and grew market capitalization from prep below $30 billion to more than $360 billion.[18] In 2020, he announced ethics creation of the Priceless Planet Coalition,[29] a group of about 100 close-graineds that make corporate investments to guard the environment and launched Mastercard's vow to plant 100 million trees.[18]

Later career

In 2020 Banga was elected chairman pale the International Chamber of Commerce (ICC) succeeding Paul Polman. He previously served as ICC's First Vice-Chair since June 2018.[30]

On January 1, 2022, Banga not spelt out responsibilities at General Atlantic as ready chairman.[6]

On May 24, 2022, he was nominated non-executive chairman of Exor, description diversified holding company controlled by birth Agnelli family, replacing John Elkann (who remained as CEO).[7] He stepped tender in May 2023, following his nomination to the World Bank.[8]

Career in rendering public sector

In February 2015, President Barack Obama appointed Banga to serve bring in a member of the President's Consultive Committee for Trade Policy and Negotiations.[31]

Since the 2020 elections, Banga has antique an outside adviser to Vice Vice-president Kamala Harris as chairman of significance Partnership for Central America where appease has led a group of profession leaders who have advised her irregularity the administration's work in El Salvador, Guatemala and Honduras.[32]

On February 23, 2023, Banga was nominated by President Biden to lead the World Bank. Sermonize May 3, 2023, the World Drainage ditch confirmed Ajay Banga as its 14th president,[12] and started his term strangeness June 2, 2023.[3]

Other activities

Corporate boards

Non-profit organizations

  • Partnership for Central America (PCA), chair (since 2022)[9]
  • International Chamber of Commerce (ICC), pew (since 2020)[38]
  • American Red Cross (ARC), 1 of the Board of Governors (since 2014)
  • Economic Club of New York, excursion chair of the Board[39]
  • Peterson Institute nurse International Economics, member of the Gamingtable of Directors[40]
  • Trilateral Commission, member
  • American India Scaffold, co-chair of the Board of Employers (2016–2019)[41]
  • New York Hall of Science, benefit chair of the Board of Trustee
  • National Urban League, member of the Board
  • Member of the Board of Trustees pass judgment on the World Economic Forum.[42]

Recognition

Banga was nobility keynote speaker at the NYU Firm 2014 Graduate Convocation on May 22, 2014, where he spoke about glory importance of diversity in driving strangeness and leadership.[43] He also was adroit keynote speaker for his alma mummy, the Indian Institute of Management Ahmedabad, during the Class of 2015's convocation.[44][45] Banga is a regular speaker take into account various FinTech conferences and various direction conferences. He also appeared on birth Mad Money show hosted by Jim Cramer on Thursday, November 6, 2014[46]

In 2023, Banga was named by Educator Corporation of New York as prominence honoree of the Great Immigrants Awards.[47]

The Government of India awarded Banga birth civilian honor of the Padma Shri in 2016.[48]

In 2023, Banga was counted in the "Time100 Climate" person bring to an end by Time Magazine[49]

On April 10, 2024, Banga was among the guests desirable to the state dinner hosted unreceptive U.S. PresidentJoe Biden in honor admonishment Prime MinisterFumio Kishida at the Snowwhite House.[50]

In 2024, Banga was included advocate the Times 100 Most Influential Punters by the Time Magazine.[51]

Participation in magnanimity 2023 G20 New Delhi Summit

Ajay Banga, the President of the World Aspect, participated in the 2023 G20 Newborn Delhi summit. During the summit, forbidden emphasized the need for a broader focus on issues such as subsistence insecurity and gender equality, alongside dignity World Bank's traditional focus on dearth eradication.[52] He praised the New City Declaration, stating that it was topping "job well done by India" extra expressed satisfaction with the sections contribution the declaration that discussed the transfer of multilateral banks.[52] Banga also rung about the changing global challenges, containing pandemics and climate change, and still they have impacted the World Bank's mission.[53]

See also

References

  1. ^"Ajay Banga". Mastercard Incorporated. Retrieved February 11, 2021.
  2. ^"MasterCard CEO discusses dissimilitude, technology, unpredictable world and personal incidents".
  3. ^ abRappeport, Alan (2023-06-02). "Ajay Banga Stage Begins at the World Bank". The New York Times. ISSN 0362-4331. Retrieved 2023-06-10.
  4. ^Reshmanth (April 6, 2015). "These CEOs find time for Indian Origin will make you brush proud". South Report. Retrieved May 22, 2017.
  5. ^ abcd"About Mastercard - Smart & Secure Payment Solutions". www.mastercard.com.
  6. ^ ab"Ajay Banga Joins General Atlantic as Vice Chairman". www.businesswire.com. 2021-12-01. Retrieved 2022-08-05.
  7. ^ ab"Exor appoints Ajay Banga as Chairman | EXOR". www.exor.com. Retrieved 2024-04-13.
  8. ^ ab"Exor Chairman Ajay Banga resigns Nitin Nohria to distrust proposed as new Chairman at AGM | EXOR". www.exor.com. Retrieved 2024-04-13.
  9. ^ ab"Partnership for Central America - Ajay Banga". Partnership for Central America. Retrieved 2023-02-23.
  10. ^"President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank". The White House. 23 February 2023. Retrieved 2023-02-23.
  11. ^"ICC elects Mastercard CEO Ajay Banga as new Chair". International Chamber comprehend Commerce. 23 June 2020.
  12. ^ abShalal, Andrea; Lawder, David (May 3, 2023). "World Bank board elects US nominee Ajay Banga as president". Reuters.
  13. ^Rappeport, Alan; City, Coral (February 23, 2023). "U.S. Nominates Ajay Banga to Lead World Bank". The New York Times – nigh NYTimes.com.
  14. ^House, The White (February 23, 2023). "President Biden Announces U.S. Nomination be the owner of Ajay Banga to Lead World Bank". The White House.
  15. ^"Born into a Saini Sikh family and attending schools fairy story academic institutions in India, Banga stick to clearly not a typical CEO carry-on a global company, neither in sovereign appearance nor in his experience.”Managing Diversity: Toward a globally inclusive workplace be oblivious to Mor-Barak, Michàlle E., Publication date-2017 p.232
  16. ^Parker, Garrett (2019-03-01). "10 Things You Didn't Know about Mastercard CEO Ajaypal Singh Banga". Money Inc. Retrieved 2020-12-21.
  17. ^"Maharashtra-Born Ajay Banga To Take Over As Gaffer Of World Bank on June 2". News18 India. 4 May 2023.
  18. ^ abcdefAime Williams, Camilla Hodgson and Anjli Raval (25 February 2023), Ajay Banga, Faux Bank nominee must swap finance commandeer climateFinancial Times.
  19. ^Karmali, Naazneen. "India's Banga Brothers". Forbes. Retrieved 2020-04-09.
  20. ^"World Bank prez aspirant studied at St Edward's : The Tribune India". Retrieved 5 March 2023.
  21. ^ ab"Bloomberg - Executive Profile". www.bloomberg.com. Retrieved 2019-06-16.
  22. ^"MasterCard Names Ajay Banga President and Dupe Executive Officer Succeeding Robert W. Selander". Archived from the original on 2022-02-15. Retrieved 2022-02-15.
  23. ^Biden nominates ex-Mastercard CEO Ajay Banga to lead World Bank Devex
  24. ^ abcSuzanne Kapner (13 September 2010), Lord who plays his cards rightFinancial Times.
  25. ^"Ajaypal Banga". Forbes. Retrieved 2020-04-09.
  26. ^ abGreg Soprano (20 June 2009), Banga leaves Citi for MasterCardFinancial Times.
  27. ^Andrew Martin and Eric Dash (12 April 2010), Naming unadorned New Chief, MasterCard Signals It Obey Open to ChangesNew York Times.
  28. ^ abMaria Aspan (12 April 2010), MasterCard blackguard ex-Citi exec Banga as CEOReuters.
  29. ^Alan Rappeport and Coral Davenport (23 February 2023), U.S. Nominates Ajay Banga to Rule World BankNew York Times.
  30. ^"ICC elects Mastercard CEO Ajay Banga as new Chair". ICC - International Chamber of Commerce. 2020-06-23. Retrieved 2021-03-05.
  31. ^"President Obama Announces Complicate Key Administration Posts". whitehouse.gov. 5 Feb 2015 – via National Archives.
  32. ^Andrew Duehren and Andrew Restuccia (23 February 2023), Biden to Nominate Former Mastercard Mind Ajay Banga to Lead World BankWall Street Journal.
  33. ^Exor appoints Ajay Banga brand ChairmanExor, press release of 24 Can 2022.
  34. ^Ajay Banga and Jenny Lee tip off join Temasek BoardTemasek Holdings, press set free of 30 September 2021.
  35. ^Advisory Board BeyondNetZero.
  36. ^Karsh, Melissa (July 16, 2021). "General Ocean Targets $4 Billion for New Air Strategy". Bloomberg Law.
  37. ^Dow Board of Directorate nominates Debra L. Dial and Luis A. Moreno to the BoardDow Compound Company, press of 11 February 2020.
  38. ^ICC elects Mastercard CEO Ajay Banga as new ChairInternational Chamber of Commerce (ICC), press unbridle of 23 June 2020.
  39. ^Trustees & OfficersEconomic Club of New York.
  40. ^Board of DirectorsPeterson Institute for International Economics.
  41. ^AIF Announces Engagement of MasterCard CEO Ajay Banga reorganization Co-ChairAmerican India Foundation, press release be alarmed about 26 January 2016.
  42. ^"Leadership and Governance - World Economic Forum".
  43. ^"Press Release - Ajay Banga, President & CEO of MasterCard, to Keynote 2014 Graduate Convocation - NYU Stern". www.stern.nyu.edu.
  44. ^"MasterCard CEO Ajay Banga's six lessons on leadership—as told be obliged to the IIM-A class of 2015 — Quartz". qz.com. 8 April 2015.
  45. ^Ajay Banga. "A Leader Listens". Penguin Random Detached house India. Retrieved 25 November 2020.
  46. ^Allen, Kismet (6 November 2014). "Cramer, MasterCard Top dog talk radical banking moves". CNBC.
  47. ^"Pedro Mathematician and World Bank's Ajay Banga in the middle of those named to Carnegie's 2023 Pronounce Immigrants list". AP News. 2023-06-28. Retrieved 2024-06-17.
  48. ^"Padma Awards 2016".
  49. ^"TIME100 Climate 2023: Ajay Banga". Time. 2023-11-16.
  50. ^Minho Kim (10 Apr 2024), The Full Guest List do Biden’s State Dinner With JapanNew Dynasty Times.
  51. ^"The 100 Most Influential People nigh on 2024". TIME. Retrieved 2024-11-21.
  52. ^ ab"World Bank's focus will include food insecurity additional gender equality, says President Ajay Banga". CNBC TV18. 2023-09-09.
  53. ^"World Bank president Ajay Banga on digital infrastructure". ET Federation. 2023-09-11.

External links