MasterCard Inc. said president and chief operating officer Ajay Banga will become chief executive on July 1, ending the 13-year reign of Robert Selander as he prepares for retirement.

Banga, 50, joined the company in August after working for 13 years at Citigroup Inc., where he had senior management roles in the U.S. and abroad. He's on the board of Kraft Foods Inc. and is joining MasterCard's board, effective immediately.

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