Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced that one of its founders, Norm Balthasar, Fiserv Senior Executive Vice President and Chief Operating Officer, will officially retire on December 31, 2007 after 33 years with the company and its predecessor.
Balthasar had previously announced in 2005 that he planned to retire in 2008.
Balthasar, a member of the original management team which founded Fiserv in 1984, will continue in an advisory capacity through the middle of 2008 to ensure a seamless transition and to assist with the integration of CheckFree Corporation. Fiserv announced earlier today it had completed the acquisition of CheckFree.
Jeffery Yabuki, Fiserv President and Chief Executive Officer said Balthasar had a significant role in developing and implementing the Fiserv 2.0 strategy, which is designed to take the company to a new level by enhancing client value and operating more efficiently and effectively. "Norm has a great combination of business knowledge and acumen, which has served us well. Norm cares deeply about the company, its people and its clients. His passion and commitment will be greatly missed. We wish him and his entire family all the best in this next chapter of his life."
Balthasar worked with Sunshine State Systems which later became Fiserv Tampa, and held a variety of Fiserv leadership roles before being promoted in 2002 to Senior Executive Vice President and Chief Operating Officer. His current position includes operating oversite for all of the Fiserv business lines. During Balthasar's tenure, Fiserv grew enormously, from revenues of $21 million the first year, serving 300 clients, to Fiserv today, a Fortune 500 company with $4.4 billion in revenue in 2006.
"Based on the success that Fiserv has enjoyed, I have been fortunate to be part of something very special," explained Balthasar. "I always felt honored to be entrusted with such a significant role for a company as exceptional as Fiserv, but my greatest joy has been the opportunity to work along side so many wonderful people. I will miss them all very much."