Fiserv, a payments 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 by Fiserv last year for $22 billion.
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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.