Mastercard is naming an insider as its new CEO.

Michael Miebach, who is currently the company's chief product officer, will takeover for CEO Ajay Banga to start 2021. Banja will become the company's executive chairman, replacing the retiring Richard Haythornthwaite.

Miebach will also get a seat on the board at the company, based in Purchase, New York.

The Tuesday announcement comes a day after Mastercard Inc. said that first-quarter revenue growth might be about 2 to 3 percentage points lower than previously predicted due to the viral outbreak in China.

Shares fell 2.1% in premarket trading.