India-born Ajay Banga has been elected as the World Bank’s next president. A 25-member executive board elected the ex-Mastercard CEO who was nominated for the post by US President Joe Biden in late February.

“The Board looks forward to working with Mr Banga on the World Bank Group Evolution process,” the bank said in a statement published shortly after the board voted to approve his leadership for a five-year term. Banga, a finance and development expert, will take over the role on June 2. He was the sole contender to replace departing World Bank chief David Malpass whose term ends early next month.

Sources familiar with the process said that Banga won the board’s approval after several meetings in recent weeks and a formal interview on Monday.

US President Joe Biden congratulated Ajay Banga on his resounding approval by the World Bank’s Board of Governors. He stated that Banga will be a “transformative leader, bringing expertise, experience, and innovation to the position of World Bank President.”

“I want to congratulate Ajay Banga — my nominee for the next President of the World Bank — on his resounding approval by the Bank’s Board of Governors,” US President Joe Biden said in a statement released by the White House.

“Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction–including climate change,” he added.

Biden said Ajay Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.

Biden said that he looked forward to working with Banga in his new role and supporting his efforts to transform the World Bank.

Over the course of his career, Ajay Banga has become a global leader in technology, data, financial services and innovating for inclusion.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Previously, Ajay Banga served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. He has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America.

Banga is a co-founder of The Cyber Readiness Institute and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.

He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.