15 November 2015

The Philanthropy Hustle

Global North or South, private foundations are part of the problem, not the solution.

by Linsey McGoey

Meet Ajay Banga. The son of an Indian army officer, Banga was born in Khadki, a cantonment a few hours outside Mumbai. After studying economics at Delhi University, he took an MBA from the Indian Institute of Management and began an illustrious career working for corporate giants like Nestlé and PepsiCo. In 2010, Banga was appointed CEO of Mastercard, headquartered in Purchase, New York.

He is one of only a handful of Fortune 500 heads to complete his primary, secondary, and post-secondary education entirely in India.

Banga took on a healthy company and made it even more profitable. In 2009, Mastercard earned a profit of $1.5 billion on revenues of $5.1 billion. In 2013, profit reached $3.1 billion on revenues of $8.4 billion. The company’s stock has jumped 330 percent over the past five years.


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