PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
No Result
View All Result

Fiserv Announces CEO Succession Plan

PaymentsJournal by PaymentsJournal
May 7, 2020
in Banking, Fintech, Press Releases, Processing, Recent News
0
Fiserv Announces CEO Succession Plan

fintech business banners technology coins dollars statistics vector illustration

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Frank Bisignano to become Chief Executive Officer effective July 1

Jeffery Yabuki to serve as Executive Chairman through end of year

BROOKFIELD, Wis.–(BUSINESS WIRE)–May 7, 2020– Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that its Board of Directors has unanimously elected Frank Bisignano to succeed Jeffery Yabuki as Chief Executive Officer as of July 1. Yabuki will step down following a distinguished 15-year career with the company. To ensure a seamless transition, Yabuki, Chairman of the Fiserv Board, will continue to serve as Executive Chairman for the remainder of 2020.

“With the successful integration of First Data well underway, this is the right time for Frank to lead the next phase of the company’s evolution,” said Yabuki. “Frank and I have had the pleasure of working closely over the past 18 months – and I am highly confident he brings the skill and experience to deliver the leadership that is needed today, while building for tomorrow. In addition to spearheading our integration efforts and significant COVID-19 response, Frank has been leading our global businesses with an absolute commitment to excellence. While Frank will bring new ideas and perspectives as CEO, he fully embraces the strategic and capital foundation of the Fiserv value creation playbook. I look forward to continuing to partner with Frank through the end of the year, and know he will continue to deliver superior results for the benefit of our stakeholders.”

Yabuki added, “Leading Fiserv since 2005 has been an honor and a privilege. I am pleased that our collective work has made Fiserv a company that others admire, and transformed us into an organization that is a global cornerstone of moving money and information in a way that moves the world. Our Board of Directors has spent considerable time over the past several years preparing for a well-planned and thoughtful succession process, and we believe that this is the right time to initiate this leadership transition. We have assembled the premier solutions in the industry, with a fantastic management and associate team built on a foundation of delivering differentiated value for clients and shareholders. As successful as we have been for the last 35 years, I firmly believe that our brightest days are ahead.”

Since Yabuki became CEO in 2005, Fiserv has achieved substantial financial and business success, including:

  • Transformed the company into the world’s leading payments and financial services technology provider with approximately 44,000 associates globally;
  • Achieved Total Shareholder Return of 969% through 2019; Outperformed the S&P 500 Index each of the last 14 years;
  • Achieved double-digit adjusted earnings per share growth each year and continued the streak of 34 consecutive years;
  • Named a FORTUNE World’s Most Admired Company® for seven consecutive years and nine of the last 10 years; and
  • Increased associate engagement to be in the top quartile of all large employers.

“Our leadership succession plan enables a smooth transition of the CEO role over the balance of the year,” said Denis O’Leary, Lead Director of the Fiserv Board of Directors. “Frank is an outstanding executive who knows the business extremely well and has a track record of delivering outstanding results over his accomplished career. We are impressed at what we have seen, and confident that Frank will continue the legacy of excellence and value creation at Fiserv.”

O’Leary added, “On behalf of our Board, I would like to thank Jeff for his invaluable leadership of our company during his exceptional career. Through Jeff’s vision, Fiserv transformed into a global leader in payments and fintech, creating tremendous shareholder value through significant growth, successful M&A transactions, and the consistent execution of disciplined capital allocation. In addition to 15 uninterrupted years of double-digit earnings growth, he strategically positioned the company for the future and engineered a superb leadership transition; an enviable legacy for any CEO.”

Commenting on his appointment, Bisignano said, “It is an honor to assume the role as CEO of Fiserv; to serve clients with excellence, work with the talented team of leaders and associates and to continue the great track record of delivering differentiated value for our shareholders. I thank the Board of Directors for placing their trust in me to lead Fiserv as its next CEO, and I thank Jeff for all that he has done for the company and our people – including me – during his tenure. Fiserv is an industry leader with great businesses and tremendous talent, and I am honored to have the opportunity to lead this great team. I look forward to continuing to work closely with Jeff in the coming months in his capacity as Executive Chairman as we work together to deliver on the promise of an even stronger Fiserv.”

Bisignano will become only the fourth CEO in the 36-year history of Fiserv.

Bisignano, with more than 30 years of senior leadership experience, has served as President, Chief Operating Officer and a Director of Fiserv since the company completed its acquisition of First Data in July 2019. During his tenure at First Data, Bisignano served as Chairman and Chief Executive Officer and transformed the 48-year-old company from the world’s largest traditional payment processor into a technology innovator, improving the company’s balance sheet and leading its $2.6 billion initial public offering in 2015. Before joining First Data, Bisignano served as Co-Chief Operating Officer at JPMorgan Chase & Co, where he had previously been Chief Executive Officer of Mortgage Banking. His background also includes leadership positions at Citigroup, including Chief Administrative Officer and Chief Executive Officer of the company’s Global Transaction Services unit. He is a member of the Board of Directors of Humana Inc. For more information visit: investors.fiserv.com/corporate-information/executive-committee.

Tags: CEOFiservPress ReleaseProcessing
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eBay’s Upgraded Approach to Payment Processing Meets the Demands of Modern Consumers

    eBay’s Upgraded Approach to Payment Processing Meets the Demands of Modern Consumers

    January 22, 2021
    It’s Time for Retailers to Offer the Best Gift of All In-Store: Digital Gift Cards

    It’s Time for Retailers to Offer the Best Gift of All In-Store: Digital Gift Cards

    January 21, 2021
    Building C-Store Customer Loyalty Programs With Relevant Rewards

    Building C-Store Customer Loyalty Programs With Relevant Rewards

    January 20, 2021
    How PayPal Achieves High Authorization Rates

    How PayPal Achieves High Authorization Rates

    January 19, 2021
    Explaining the Bill Payment Ecosystem

    Explaining the Bill Payment Ecosystem

    January 15, 2021
    QSRs Can Address Loyalty Program Shortcomings by Serving Up Better Offers

    QSRs Can Address Loyalty Program Shortcomings by Serving Up Better Offers

    January 14, 2021
    How Merchants Can Prevent Account Takeovers—and Why Failing to Do So Amplifies Operational Expenses

    How Merchants Can Prevent Account Takeovers—and Why Failing to Do So Amplifies Operational Expenses

    January 13, 2021
    How Banks Can Leverage Tech Partnerships to Enable Innovation for Commercial Clients

    How Banks Can Leverage Tech Partnerships to Enable Innovation for Commercial Clients

    January 11, 2021

    Connect With Us

    • Advertise With Us
    • About Us
    • Terms of Use
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Events

    © 2021 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result
    ×

    Login

    Forgotten Password?

    Lost your password?
    | Back to Login

      Subscribe!

      Thank you for visiting PaymentsJournal! Please subscribe to our newsletter to receive consumer data insights and daily analysis from Mercator analysts and industry experts.

      ×

      How will COVID-19 Effect the Payments Industry?

      Check out our latest:

      – Consumer Data – Complimentary Reports
      – Podcasts – Mercator Analyst Commentary
      – Industry Opinions

      ×

      WEBINAR:
      How Digital Acceleration Will Affect Payment Industry

      Please join us for this panel discussion on addressing the challenges to pave the way to payments innovation and profitability and gain insights on the key trends and challenges impacting the payments landscape in North America.

      REGISTER