MasterCard appoints Citi's Ajay Banga as president and COO
21 Jun 2009, 0418 hrs IST, PTI
NEW YORK: Global payment firm MasterCard has roped in Citigroup's Ajay Banga as its new president and chief operating officer (COO), while
indicating that the Indian banker could be its next CEO in about a year.
Banga, currently Citi's Asia-Pacific CEO, will get an annual salary of $800,000 besides other benefits at MasterCard, while he has also been given a sign-in bonus of $4.2 million. As per his contract, Banga's upfront payments would remain intact even if he leaves the company after not being offered the position of CEO at MasterCard by June 30, 2010.
However, he would have to forefeit part of his package if he resigns under different circumstances, or cases like termination of his employment by the company. Banga would join MasterCard on August 31 and would report to Robert W Selander, CEO, MasterCard said in a statement.
with thanks : source : http://timesofindia.indiatimes.com/Business/International-Business/MasterCard-appoints-Citis-Ajay-Banga-as-president-and-COO-/articleshow/4682348.cms
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