8-KLeadership ChangesExhibits & Filings

FISERV INC 8-K Report, Executive Changes (Feb 16, 2016)

Filed February 16, 2016For Securities:FISV

Summary

Fiserv, Inc. (FISV) announced a key executive change in its Form 8-K filing dated February 16, 2016. The most significant development is the appointment of Robert W. Hau as the new Chief Financial Officer (CFO), effective March 14, 2016. Mr. Hau brings extensive financial leadership experience from his previous roles at TE Connectivity Ltd., Lennox International Inc., and Honeywell International Inc. This appointment comes as the current CFO, Thomas J. Hirsch, is set to retire on March 31, 2016. The filing details Mr. Hau's compensation package, including a base salary, substantial equity awards (restricted stock units and stock options), a signing bonus, and participation in incentive plans. Investors should note the terms of the signing bonus and relocation package, which include repayment clauses if Mr. Hau departs within 24 months.

Key Highlights

  • 1Robert W. Hau appointed as the new Chief Financial Officer (CFO) of Fiserv, Inc., effective March 14, 2016.
  • 2Mr. Hau has a strong financial background with prior executive roles at TE Connectivity, Lennox International, and Honeywell.
  • 3The appointment coincides with the planned retirement of current CFO Thomas J. Hirsch on March 31, 2016.
  • 4Mr. Hau's compensation includes an annual base salary of $625,000.
  • 5Significant equity awards for Mr. Hau include $2,500,000 in restricted stock units and $3,000,000 in stock options, vesting over four years.
  • 6A one-time cash award of $500,000 is provided, subject to repayment if employment terminates within 24 months.
  • 7Mr. Hau is eligible for annual cash and equity incentive plans, with bonus targets and equity award values detailed.

Frequently Asked Questions

Robert W. Hau has been appointed as the new CFO of Fiserv, Inc. He is expected to start his role on March 14, 2016.

The current CFO, Thomas J. Hirsch, has informed the company of his intention to retire on March 31, 2016. Mr. Hau's appointment will take effect just before Mr. Hirsch's retirement.

Mr. Hau has extensive experience, most recently serving as Executive Vice President and CFO of TE Connectivity Ltd. Prior to that, he held CFO positions at Lennox International Inc. and various senior financial leadership roles at Honeywell International Inc.

Mr. Hau will receive an annual base salary of $625,000, equity awards totaling $5,500,000 ($2.5M RSUs, $3M options) vesting over four years, a $500,000 signing bonus (repayable if he leaves within 24 months), and eligibility for annual incentive plans with a target bonus of 110% of base salary.