Prior to joining MasterCard in 2009, Banga was CEO of Citigroup Asia Pacific.
During his tenure at Citigroup, he held a variety of senior management roles in the United States, as well as Asia Pacific, Europe, and Middle East and Africa regions.
Banga also has extensive experience with consumer goods companies, including Nestle and Pepsico.
From 2007 to 2012, Banga served on the board of directors of Kraft Foods.
Dow chairman and CEO Andrew Liveris said: "Ajay Banga brings to Dow an exceptional understanding of key international markets, as well as the financial sector and a variety of downstream, consumer-facing businesses.
"His impressive global business perspective makes Mr Banga a highly qualified addition to our company's already accomplished board, thus benefiting Dow as we further advance our strategic agenda and drive growth in attractive downstream markets and fast-growing regions of the world."
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