International funds supplier Fiserv has promoted Frank Bisignano to CEO, the company announced in a press release Thursday (May 7).
Its Board of Directors unanimously elected Bisignano to succeed Jeffery Yabuki effective July 1.
“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,” Yabuki said in a statement. “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.”
Bisignano brings more than 30 years of senior leadership experience, Fiserv said in the release. He has served as president, chief operating officer and a Fiserv director since the company completed its acquisition of First Data last summer.
During his First Data tenure, Bisignano served as chairman and CEO where he 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 (IPO) in 2015, Fiserv said.
Prior to joining First Data, Bisignano was co-chief operating officer at JPMorgan Chase, where he had also been CEO of mortgage banking. His background also includes leadership positions at Citigroup in the company’s Global Transaction Services unit.
In addition to spearheading Fiserv’s integration efforts and coronavirus response, Bisignano has been leading the company’s global businesses, Yabuki added.
Yabuki will step down following a 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.
On the same day of the CEO announcement, Fiserv reported its first quarter results. Revenue for the company increased 151 percent to $3.7 billion in Q1 with $1.4 billion from the purchase of First Data businesses for $22 billion. Earnings per share was 57 cents in the first quarter, up 2 percent compared to the prior year period. Operating margin was 16.7 percent in Q1 compared to 24.8 percent in the first quarter of 2019 while net cash provided by operating activities increased 138 percent to $888 million in the first quarter compared to $373 million last year primarily due to the First Data acquisition.
Earlier this week, Fintech Zoom reported Fiserv now accepts Electronic Benefits Transfer (EBT) payments at grocers, allowing Supplemental Nutrition Assistance Program (SNAP) participants to purchase groceries online for the first time.