Mastercard CEO Ajay Banga will leave his position next year and take over as executive chairman, the company announced Tuesday.

Banga will succeed Richard Haythornthwaite, who has served as chairman since May 2006.

Michael Miebach, Mastercard's chief product officer, will succeed Banga as CEO. The changes are effective Jan. 1.

Miebach has "as a proven track record of building products and running businesses globally," Banga said in a statement. "During the course of Michael's 10 years at Mastercard, he has been a key architect of our multi-rail strategy — including leading the acquisition of Vocalink and the pending transaction with Nets — to address a broader set of payment flows."