Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of the India-US relationship, will retire from Mastercard at the end of the year, the global credit card company has said.

Announcing the retirement on Tuesday of its executive chairman, Banga, effective on December 31, the Mastercard board unanimously elected Merit Janow, currently lead independent director, to serve as non-executive independent chair of the board of directors, effective January 1, 2022.

“With Merit as chair and the strong foundation Michael Miebach has established as CEO, Mastercard is in incredible hands for the next phase of growth and innovation,” said Banga.

“I am grateful for the role I have been able to play in Mastercard’s evolution and I look forward to where Merit and Michael will lead it next,” he said in a statement.

Following a successful decade as CEO, Banga transitioned to the executive chairman role at the beginning of this year. Among his responsibilities during the transition were serving as a counsellor to the CEO and facilitating a smooth transition of key external relationships — including customers and regulators — to Miebach.

In a statement, Mastercard said this milestone completes a thoughtful and intentional executive transition announced in February 2020. When Miebach was announced as CEO-elect, the board created a pathway for him to deepen his engagement with clients and partners and across every aspect of the business. Banga, 61, remained as executive chairman to support the transition, alongside Janow as lead independent director.

“For the two decades I’ve known Ajay, he’s been a tremendous inspiration, mentor and friend,” said Miebach.