Ajaypal Singh Banga is an Indian-American businessman, who created his identification as the CEO in the world’s largest multinational financial services company, MasterCard Incorporated. He uplifted the company’s market value as soon as he garnered the position of the CEO; he made seven trades of MasterCard Incorporated’s stock since 2013.
Ajaypal is the one who has been able to represent his Indian nationality across the world via his beyond-belief mind-set. Only in 2016, he was honored with highly regarded Indian civilian honor Padma Shri.
Net worth And Salary
As the CEO and the President of MasterCard Incorporated, Ajaypal makes an enormous earning up to $ 16.9 million per year. His salary includes; $4.3 million as stock awards, $1 million as a base salary, $4.2 million in options, $2.5 million as a non-equity incentive plan compensation, and others.
Likewise, Ajaypal owns over 252,600 units of MasterCard’s stock worth over $149,094,670. In the last ten years, he sold only stock worth over $69,986,261.
Overall, Ajaypal's net worth is estimated to be $239 million.
Wife and Children
Ajaypal is happily married to wife Ritu Banga. Together, the couple has two daughters; Jojo Banga and Aditi Banga.
Ajaypal Singh Banga with Ritu Banga(Photo:townnews.com)
Ajaypal 's daughter, Aditi, who works on strategic partnerships in the New York office of Instagram, tied the knot with Jonathan Schwartz on 8th September 2019.
Ajaypal's wife, Ritu Banga, is a co-founder of Zoomdojo and is also the trustee of Marymount School of New York. After her graduation from the Indian Institute of Management, Ahmedabad, she worked for a various organization as a Marketing, Sales & Brand Management in 1981.
Later, she quit her job there in March 1994. A month later, she joined founded Point of View, a strategic consulting firm, and worked there until March 1997. In August 2012, Ritu finally co-founded Zoomdojo, which provides solutions to youth unemployment through its global internship and job search engine.
Wiki, Age, And Family Details
Ajaypal was born as an Ajaypal Singh Banga in 1960 in Khadki, Pune, India.
He is the younger son to his Lieutenant(retired) Father, Harbhajan Singh Banga, and mother, Jaswant Kaur. His family hailed from Jalandhar, Punjab, but they lived all across India as Ajaypal's father was an Army officer then.
Besides, Ajaypal has an elder brother named Manvinder Singh Banga, who is also a businessman and a senior partner for private equity fund Clayton Dubilier & Rice.
Ajaypal completed his primary education from one of the most prestigious schools in Begumpet, Hyderabad Public School. After that, he was enrolled at St. Stephen's College, Delhi University, from where he received his Bachelor’s degree in Economics.
To gain a Master's degree, he joined the Indian Institute of Management of Ahmedabad.
Ajaypal’s first job was with the multinational company, Nestle. He joined this company in 1981, spent 13 years fulfilling his responsibilities in various departments, including sales, marketing, and general management.
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After that, he also worked with PepsiCo and directed the company for launching its fast-food franchise in India during the 1990s.
Before joining MasterCard Incorporated, he also served for the Citigroup Asia Pacific as the CEO; during his period, he also grabbed various positions in the senior management in the United States, Asia Pacific, Europe, Middle East, and Africa.
Finally, in 2009, Ajaypal joined MasterCard Incorporated and acquired the position of the CEO and company’s president by replacing the former CEO Robert W. Selander on 1st July 2010.