WASHINGTON--(BUSINESS WIRE)--The U.S.-India Business Council (USIBC) Board of Directors announced that Mr. Ajay Banga, President & CEO of MasterCard Worldwide, has been elected as the organization’s next Chairman. The transition comes at the end of a record-setting two-year term by USIBC’s previous Chairman, Mr. Harold “Terry” McGraw III, President, Chairman, and CEO of The McGraw-Hill Companies.
“The U.S.-India relationship is strong and only going to get stronger over the long term,” said Mr. 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, Mr. 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 Mr. 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.”
Mr. 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,” Mr. 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 U.S.-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 U.S.-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.”
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @mastercardnews, join the conversation on The Heart of Commerce Blog and subscribe for the latest news.
The U.S.-India Business Council (USIBC) is the premier business advocacy organization formed by the U.S. and Indian governments in 1975 whose purpose is to deepen two-way trade and strengthen commercial ties. Today, USIBC is comprised of 350 top-tier U.S. and Indian companies, which will gather in Washington, D.C. on June 12th to celebrate USIBC’s 37th Anniversary.