{"id":611652,"date":"2023-02-25T04:49:46","date_gmt":"2023-02-25T10:49:46","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/25\/biden-has-nominated-mastercards-ex-ceo-ajay-banga-for-world-bank-president\/"},"modified":"2023-02-25T04:49:46","modified_gmt":"2023-02-25T10:49:46","slug":"biden-has-nominated-mastercards-ex-ceo-ajay-banga-for-world-bank-president","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/25\/biden-has-nominated-mastercards-ex-ceo-ajay-banga-for-world-bank-president\/","title":{"rendered":"Biden has nominated Mastercard\u2019s ex-CEO Ajay Banga for World Bank president"},"content":{"rendered":"
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\"Ajay<\/p>\n

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Biden\u2019s pick<\/figcaption>
Photo: Win McNamee (Getty Images)<\/figcaption><\/p>\n<\/div>\n

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The White House yesterday (Feb. 23) announced<\/a><\/span> that the US is nominating Ajay Banga to succeed David Malpass as World Bank president.<\/p>\n

Currently the vice chairman at New York-headquartered General Atlantic and former president and CEO of Mastercard, Banga is being touted as a \u201cglobal leader in technology, data, financial services and innovating for inclusion\u201d by the US government.<\/p>\n

Banga was born in Pune, in the western Indian state of Maharashtra, on Nov. 10, 1959 and has a bachelor\u2019s degree in Economics from Stephen\u2019s college in New Delhi and an MBA from Indian Institute of Management-Ahmedabad (IIM-A), one of the top business schools in the country.<\/p>\n

Typically, the US picks the World Bank\u2019s leader by virtue of being the largest stakeholder in the international financial institution. In its 77-year history, the US has always chosen<\/a><\/span> the leader, though the bank\u2019s board still needs to officially appoint Banga.<\/p>\n

The bank\u2019s board said on Wednesday (Feb. 22) that it would begin accepting nominees, with the aim of selecting a new leader by early May. No other contenders seem to be in the race yet. The current leader, former president Donald Trump\u2019s pick Malpass, said he\u2019d be stepping down on June 30<\/a><\/span> earlier this month.<\/p>\n

<\/a>A timeline of Ajay Banga\u2019s life and career<\/h2>\n

1981:<\/strong> Banga starts his career as a management trainee with Nestl\u00e9. He goes on to spend 13 years at the food and beverage company.<\/p>\n

1994:<\/strong> A brief two-year stint at PepsiCo<\/a><\/span> begins for Banga.<\/p>\n

1996: <\/strong>Banga joins Citi Group, where he also spends 13 years.<\/p>\n

2000:<\/strong> He moves to the US with Citi.<\/p>\n

2007: <\/strong>Banga becomes a US citizen<\/a><\/span><\/p>\n

2009:<\/strong> MasterCard hires Banga<\/a><\/span> as president and chief operating officer. Less than a year on, he\u2019ll be named president and CEO.<\/p>\n

2012:<\/strong> Banga begins heading the US-India Business Council.<\/p>\n

2015:<\/strong> US president Barack Obama appoints Banga as a member of the Advisory Committee for Trade Policy and Negotiations.<\/p>\n

2016:<\/strong> Banga receives the Padma Shri, India\u2019s fourth-highest civilian honor.<\/p>\n

2021:<\/strong> Banga joins General Atlantic<\/a><\/span> as vice chairman.<\/p>\n

<\/a>Quotable: Biden believes Ajay Banga can tackle climate change and poverty as World Bank president<\/h2>\n
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\u201cAjay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results. He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.\u201d \u2014US president Joe Biden<\/em><\/a><\/span><\/p>\n<\/blockquote>\n

<\/a>Person of interest: David Malpass<\/h2>\n

The outgoing president of the World Bank is stepping down \u201cto pursue new challenges\u201d nearly a year before his five-year term ends. Climate advocates had been calling for Malpass\u2019s resignation<\/a><\/span> since September last year, after he refrained from publicly acknowledging that burning fossil fuels is warming the planet. Former US vice president Al Gore, who labeled Malpass a \u201cclimate denier<\/a><\/span>,\u201d tweeted that he is \u201cextremely optimistic<\/a><\/span> that he [Banga] will bring renewed leadership on the climate crisis to the World Bank.\u201d<\/p>\n

<\/a>Related stories<\/h2>\n

???? MasterCard CEO Ajay Banga\u2019s six lessons on leadership\u2014as told to the IIM-A class of 2015<\/a><\/span><\/p>\n

???? The US should appoint a non-American to head the World Bank<\/a><\/span><\/p>\n

???? The president of the World Bank used \u201cone of the best ploys to get a job\u201d Obama had ever seen<\/a><\/span><\/p>\n<\/div>\n

Read More<\/a>
\n Ananya Bhattacharya<\/p>\n","protected":false},"excerpt":{"rendered":"

Biden\u2019s pickPhoto: Win McNamee (Getty Images)The White House yesterday (Feb. 23) announced that the US is nominating Ajay Banga to succeed David Malpass as World Bank president.Currently the vice chairman at New York-headquartered General Atlantic and former president and CEO of Mastercard, Banga is being touted as a \u201cglobal leader in technology, data, financial services<\/p>\n","protected":false},"author":1,"featured_media":611653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65,1596],"tags":[],"class_list":{"0":"post-611652","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-biden","8":"category-nominated"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=611652"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/611652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/611653"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=611652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=611652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=611652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}