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Dow Chemical elects MasterCard CEO Banga to board

MIDLAND, Mich. (AP) -- Dow Chemical Co. said Monday it elected MasterCard Inc. President and CEO Ajay Banga to its board of directors.

Dow praised Banga's experience in international markets, finance, and consumer businesses. He has been president of MasterCard since August 2009 and CEO since July 2010. Before that, Banga was the CEO of Citigroup Inc.'s Asia Pacific business.

Banga is the eleventh member of Dow Chemical's board of directors.