NEW YORK: Ajay Banga, President and CEO of MasterCard Worldwide, has been elected as the next chairman of the US-India Business Council (USIBC), the organization’s Board of Directors announced. The transition comes at the end of a record-setting two-year term by USIBC’s previous Chairman, Harold “Terry” McGraw III, President, Chairman, and CEO of The McGraw-Hill Companies.
“The US-India relationship is strong and only going to get stronger over the long term,” said McGraw. “We have made good progress to improve the trade and investment environment and pushed aggressively on an agenda that supports economic and job growth in both of our countries. By expanding the partnership between our two nations over the next several years, including passage of a bilateral investment treaty, we can move from $100 billion in two-way trade to $500 billion by the end of the decade.”
During his time as Chairman of USIBC, McGraw blazed an equally impressive path by adding nearly 100 new member companies while increasing staff levels two-fold to more effectively serve members.
“As a long time supporter and member of USIBC, I have witnessed the Council’s stature and influence rise dramatically as a direct result of the iconic leadership provided by former chairs Chip Kaye, Indra Nooyi, and Terry McGraw,” said Banga. “It is an exceptional honor to be entrusted with such a legacy and I look forward to building on their successes as USIBC’s next Chairman.”
Banga joined MasterCard as President and Chief Operating Officer in August 2009 and was later named President and CEO, effective July 1, 2010. He currently serves on the board of Kraft Foods and is a member of such prestigious groups as the Council on Foreign Relations, the Business Roundtable, and the Foreign Policy Association.
“The USIBC Board is delighted to have Ajay serve as Chairman,” McGraw added. “His deep business experience in India, as well his global business acumen and leadership, will be enormously helpful as we move forward to realize the full potential of closer US-India relations.”
“MasterCard’s activities in India empowering people via financial inclusion and making available to every segment of Indian society innovative payment solutions are central to the future US-India growth story,” said USIBC President, Ron Somers. “I look forward to working closely with Ajay and the USIBC Board to build on the India Council’s proud, 37-year history.”
India Post News Service