8-KLeadership Changes

FISERV INC 8-K Report, Executive Changes (Feb 21, 2024)

Filed February 21, 2024For Securities:FISV

Summary

Fiserv, Inc. announced a significant addition to its Board of Directors on February 21, 2024, with the appointment of Lance Fritz, effective February 16, 2024. Mr. Fritz brings extensive executive experience, having most recently served as Chairman, President, and CEO of Union Pacific Corporation from 2015 to 2023. His appointment is seen as a strategic move to leverage his seasoned leadership and operational expertise within the financial technology sector. Mr. Fritz's role will include serving on the audit and nominating and corporate governance committees, indicating his active involvement in critical oversight functions. His independence has been confirmed under NYSE and SEC regulations, ensuring objective guidance for the company. Investors will likely view this as a positive development, signaling a strengthening of the board's governance and strategic capabilities.

Key Highlights

  • 1Appointment of Lance Fritz to the Board of Directors, effective February 16, 2024.
  • 2Mr. Fritz's extensive executive background includes serving as Chairman, President, and CEO of Union Pacific Corporation (2015-2023).
  • 3Mr. Fritz has been appointed to serve on the Audit Committee and the Nominating and Corporate Governance Committee.
  • 4The Board has determined that Mr. Fritz is independent under NYSE and SEC rules.
  • 5Mr. Fritz will participate in the Company’s standard non-employee director compensation arrangements and enter into the standard Non-Employee Director Indemnity Agreement.
  • 6No disclosable transactions exist between Mr. Fritz and the Company under Item 404(a) of Regulation S-K.

Frequently Asked Questions

Lance Fritz is a seasoned executive with extensive experience in large public companies. Most recently, he served as Chairman, President, and CEO of Union Pacific Corporation from 2015 until his retirement in 2023. Prior to that, he held various executive roles at Union Pacific and worked at companies like Fiskars Inc., Cooper Industries, and General Electric Company.

Mr. Fritz has been appointed to the Board of Directors and will serve on two key committees: the Audit Committee and the Nominating and Corporate Governance Committee. This indicates his direct involvement in financial oversight and board composition.

Yes, the Company's Board of Directors has determined that Mr. Fritz is independent under the rules of the New York Stock Exchange and the U.S. Securities Exchange Act of 1934.

Mr. Fritz will participate in Fiserv's standard compensation arrangements for non-employee directors, as well as be eligible for the Non-Employee Director Deferred Compensation Plan. He will also enter into the Company’s standard Non-Employee Director Indemnity Agreement.