Mastercard announced that Ajay Banga, President and Chief Executive Officer, will transition to the role of Executive Chairman of the Board of Directors of the company on January 1, 2021, replacing the retiring Richard Haythornthwaite who retire as Chairman January 1, 2021. Mastercard's Board unanimously elected Michael Miebach, Chief Product Officer, to become Chief Executive Officer and a member of the Board of Directors on January 1, 2021 and, as part of the transition, he will become President of the company, effective March 1, 2020. As President of the company, Miebach will oversee the sales, marketing, products, services and technology organizations.

Current Board member, Merit Janow, Dean of the faculty of Columbia University's School of International and Public Affairs (SIPA), was unanimously elected by the Board to become Lead Independent Director on January 1, 2021. She will continue to serve as Chair of the Nominating and Corporate Governance Committee when Haythornthwaite retires.