Fiserv Names Frank Bisignano as CEO Replacing Jeffery Yabuk

Fiserv, a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and financial services giant, has named Frank Bisignano as its new chief executive officer (CEO) in an official announcement on Thursday.

Bisignano will replace Jeffery Yabuk and will take over for the company’s apex position on July 1.

Yabuk is stepping down after a long tenure of 15 years at the top role, but he will continue to serve as the executive chairman at the company till the end of this year for a smooth transition of duties.

Bisignano ran First Data Corp till its Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term by Fiserv last year for $22 billion.

He is currently the chief operating officer at Fiserv and also sits at the company’s board.

“With the successful integration of First Data well underway, this is the right time for Frank to lead the next phase of the company’s evolution,” Yabuk said. “While Frank will bring new ideas and perspectives as CEO, he fully embraces the strategic and capital foundation of the Fiserv value creation playbook. I look forward to continuing to partner with Frank through the end of the year, and know he will continue to deliver superior results for the benefit of our stakeholders.”

A big name in the financial industry

Bisignano has vast experience in the payments industry, and he also led First Data for its initial public offering (IPO) in 2015, raising $2.6 billion to become the largest US IPO of that year.

Before joining First Data, he also served as the co-COO and CEO of mortgage banking at JP Morgan and also held many leadership roles at Citigroup. Once, he was also viewed as a possible successor to Jamie Dimon to head JPMorgan.

“Fiserv is an industry leader with great businesses and tremendous talent, and I am honored to have the opportunity to lead this great team. I look forward to continuing to work closely with Jeff in the coming months in his capacity as Executive Chairman as we work together to deliver on the promise of an even stronger Fiserv,” Bisignano stated.