Summary
Fiserv, Inc. (FISV) announced a significant leadership transition via an 8-K filing on May 7, 2025. Frank J. Bisignano has resigned from his roles as Chairman and CEO, as well as a director, due to his confirmation as the Commissioner of the Social Security Administration. This change is effective as of May 6, 2025, the date of his confirmation. Following Mr. Bisignano's departure, Michael P. Lyons, who was previously the President and CEO-Elect, has officially assumed the role of Chief Executive Officer and joined the Board of Directors. Concurrently, Doyle R. Simons, the lead independent director, has been appointed as the non-executive Chairman of the Board. The filing also details the treatment of Mr. Bisignano's unvested performance share units (PSUs), with a portion vesting and the remainder being forfeited upon his resignation.
Key Highlights
- 1Frank J. Bisignano resigned as Chairman, CEO, and a director of Fiserv, Inc. effective May 6, 2025.
- 2Mr. Bisignano's resignation is due to his confirmation as Commissioner of the Social Security Administration.
- 3Michael P. Lyons has transitioned from President and CEO-Elect to Chief Executive Officer and a director.
- 4Doyle R. Simons has been appointed as the non-executive Chairman of the Board.
- 5A portion of Frank J. Bisignano's unvested performance share units (PSUs) vested on the Confirmation Date, while the remaining unvested PSUs were forfeited.
- 6Details regarding Michael P. Lyons' offer letter from January 22, 2025, are incorporated by reference.