Selander has been CEO of Master since 1997, and took the company public in 2006.

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Banga's contagious energy has already made a difference, affirms Selander, who remains vice chairman of MasterCard until he retires in December.

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"He's infused a sense of urgency in the company, and his theme of innovation has begun to resonate, " says Selander of his successor.

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In April MasterCard's board met in Singapore where it named Indian-born Ajay Banga, the company's chief operating officer and president, to succeed outgoing chief executive Robert Selander.

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This combination of marketing and banking experience on a global platform made him the perfect candidate, says MasterCard's Selander, who hired Banga as his number two last August.

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