Summary
This 8-K filing from Fiserv, Inc. (FISV) on February 27, 2018, primarily details two significant corporate actions: the appointment of a new director and a two-for-one stock split. Harry F. DiSimone was appointed to the board of directors and will serve on the compensation committee, bringing his expertise to the company's governance. These changes are standard for a company of Fiserv's stature and are aimed at strengthening board oversight and shareholder value.
Key Highlights
- 1Appointment of Harry F. DiSimone to the Board of Directors as of February 21, 2018.
- 2Mr. DiSimone will also serve on the company's compensation committee.
- 3Fiserv is implementing a two-for-one stock split, effective March 5, 2018.
- 4The amendment to the Articles of Incorporation to facilitate the stock split was filed on February 26, 2018.
- 5The stock split will increase the number of outstanding shares, effectively doubling them.
- 6Authorized shares of common stock will increase from 900,000,000 to 1,800,000,000.
- 7The company has filed amendments to its Restated Articles of Incorporation to reflect these changes.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce the appointment of a new director, Harry F. DiSimone, to Fiserv's board and to disclose a two-for-one stock split that the company is implementing.
The two-for-one stock split will be effective at the close of business on March 5, 2018. The amendment to the Articles of Incorporation was filed on February 26, 2018.
For every share of common stock an investor holds prior to the record date (March 5, 2018), they will receive an additional share, effectively doubling their holdings. The par value per share will be adjusted accordingly.
Mr. DiSimone's appointment to the board and the compensation committee suggests a focus on executive compensation oversight and corporate governance. His participation in standard director compensation arrangements and indemnity agreements are typical for board members.