Fiserv names former First Data boss Bisignano CEO

Fiserv names former First Data boss Bisignano CEO

Fintech behemoth Fiserv has promoted former First Data boss Frank Bisignano to chief executive, replacing Jeffery Yabuki.

Bisignano joined Fiserv as president and COO following the firm's $22 billion takeover of First Data last year.

He will become CEO on 1 July, succeeding Yabuki, a 15-year Fiserv veteran who will serve as executive chairman through the end of the year.

Says Yabuki: "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.

"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, a former JPMorgan Chase co-COO, takes over one of the biggest players in financial services technology and payments, and a team of 44,00 employees.

Fiserv has also reported its first quarter results, with the First Data deal meaning that revenue increased 151% to $3.77 billion. GAAP earnings per share was $0.57, increasing two per cent compared to the prior year period.

Meanwhile, the firm is withdrawing its full year financial outlook due to the economic uncertainties associated with Covid-19.

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