Mastercard announced a leadership shakeup in which President and CEO Ajay Banga will become executive chairman by Jan. 1, 2021, succeeding Richard Haythornwaite, who is retiring.  

Chief Product Officer Michael Miebach will become president starting March 1 and by Jan. 1, will become CEO. As president, Miebach will oversee the company's sales, marketing, products, services and technology operations, according to a press release.

"As the company moves into this next phase of growth, we have a deep leadership bench — with Michael at the helm — to take us to the next level," Banga said in the release. "He has a proven track record of building products and running businesses globally."

Banga was a key architect of a multi-rail strategy, which includes the acquisition of Vocalink and the pending transaction with Nets. Banga also praised the work Miebach did with the launch of Mastercard's work in promoting financial inclusion. 

"Mastercard has outstanding people, leading technology and tremendous potential," Miebach said in the release. "I am honored to have the opportunity to lead this great company with a team by my side that is second to none."