MasterCard promotes Ajay Banga to chief executive

MasterCard names insider as new CEO

PURCHASE, N.Y. — MasterCard’s chief operating officer will become CEO in July.

The credit-card company named Ajay Banga to succeed Robert W. Selander, who will stay on as executive vice chairman and board member until he retires on July 31.

Selander, 59, has been the company’s CEO since 1997.

Banga joined MasterCard Inc. in 2009. He was an executive at Citigroup for 13 years before joining Mastercard, serving in various locations including the U.S., Europe, the Middle East and Africa.