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What you need to know
- Fiserv shares dropped Wednesday evening as Donald Trump’s latest nominee to head government agencies was announced.
- Trump announced on Wednesday that Fiserv CEO Frank Bisignano would be the new Social Security Administration director.
- Financial services firm said it would follow its existing succession plan in naming a new chief executive officer, assuming Bisignano’s confirmation by the U.S. Senate.
Fiserv’s (FI) stock fell on Thursday after President-elect Donald Trump announced Frank Bisignano, the CEO of the company as his choice to head the Social Security Administration.
Trump called Bisignano a "business leader, with a tremendous track record of transforming large corporations" in a Truth Social post announcing the nomination.
In a Thursday statement, Fiserv stated that Bisignano is to continue in his role as CEO until the confirmation hearing. Doyle Simons, Lead Director at Fiserv said that succession planning is underway. “always been a priority” It said the board will use a succession plan that already existed to name a CEO, provided he’s confirmed.
“Serving as CEO of Fiserv is an honor and I am incredibly proud of what our team has and will accomplish,” Bisignano said. “I am honored to have this once in a lifetime opportunity to serve my country. I thank President-elect Trump and, if confirmed, look forward to applying my experience to transform our social security system.”
Fiserv’s CEO was previously in senior executive positions at Citigroup and JPMorgan before joining First Data, a financial technology company. Fiserv merged with First Data in 2019. He became CEO of the combined firm after the merger, and served as COO.
Fiserv’s shares fell more than 5% in the opening hour of Thursday trading, to $203.29. This is still over 50% higher than where the company started the year.
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