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    Fiserv Inc (FI)

    CEO Change
    Board Change

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    Fiserv, Inc. is a leading global provider of payments and financial services technology solutions, catering to a diverse clientele that includes merchants, banks, credit unions, other financial institutions, and corporate clients worldwide . The company operates through two main segments: Merchant Solutions and Financial Solutions, offering a range of commerce-enabling products and services . Fiserv is committed to innovation and integration, delivering superior value through its technology and services .

    1. Financial Solutions - Provides products and services to financial institutions, corporate, and public sector clients, facilitating the processing of customer loan and deposit accounts, digital payments, and card transactions. Includes services like debit and credit card processing, digital banking, financial and risk management, and check processing .
    2. Merchant Solutions - Offers commerce-enabling products and services such as merchant acquiring, digital commerce services, mobile payment services, security and fraud protection solutions, and pay-by-bank solutions.
      • Clover® - A point-of-sale integrated commerce operating system for small businesses.
      • CaratSM - An integrated commerce operating system for enterprise clients .
    NamePositionStart DateShort Bio
    Frank J. BisignanoChairman, President, and Chief Executive Officer2019Frank J. Bisignano has been serving as the Chairman of the Board since 2022, Chief Executive Officer since 2020, and President since 2019 at Fiserv, Inc. He joined Fiserv as part of the acquisition of First Data Corporation in 2019 .
    Guy ChiarelloChief Operating Officer2021Guy Chiarello has served as the Chief Operating Officer of Fiserv since 2021. He previously held the position of Chief Administrative Officer from 2019 to 2021 .
    John GibbonsHead of Financial Institutions Group2023John Gibbons has served as the Head of the Financial Institutions Group at Fiserv since October 2023. He was the Co-Head of the Financial Institutions Group starting in March 2023 .
    Robert W. HauChief Financial Officer2016Robert W. Hau has served as the Chief Financial Officer of Fiserv, Inc. since 2016 .
    Jennifer LaClairHead of Global Business Solutions2024Jennifer LaClair has served as the Head of Global Business Solutions at Fiserv since January 2024. Prior to this role, she was the Chief Revenue Officer from July 2023 .
    Adam L. RosmanChief Administrative Officer and Chief Legal Officer2021Adam L. Rosman has served as the Chief Administrative Officer and Chief Legal Officer at Fiserv since 2021 .
    Ajei S. GopalMember of the Board of Directors2024Ajei S. Gopal has been serving as a member of the Board of Directors at Fiserv, Inc. since 2024. He is also the President and Chief Executive Officer of ANSYS, Inc. .
    1. Regarding the SMB bundle, can you elaborate on the specific challenges of integrating products across both the Merchant and Financial Solutions segments, and how you plan to ensure its successful contribution to growth next year?

    2. As you expand Clover into Latin America and Australia, what risks do you anticipate in these new markets, and what strategies are in place to mitigate potential adoption hurdles?

    3. With the approval of your merchant acquirer limited purpose bank charter in Georgia, how might this change affect your relationships with existing bank partners, and are there any regulatory concerns that could impact this initiative?

    4. Given the raised guidance for organic revenue growth and adjusted earnings per share, what key factors are driving this optimism, and what potential headwinds could jeopardize achieving these targets?

    5. Can you provide more details on the partnership with DoorDash, specifically how this embedded finance application will impact your financial performance, considering the challenges associated with long implementation cycles in such initiatives?

    Program DetailsProgram 1
    Approval DateFebruary 22, 2023
    End Date/DurationNo specified expiration date
    Total additional amount75.0 million shares
    Remaining authorization amount24.2 million shares (as of 2024-09-30)
    DetailsPart of capital allocation strategy to maintain a strong balance sheet, return cash to shareholders, and pursue acquisitions
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20241,200Short-term and current maturitiesN/A4.7% = (1,200 / 25,285) * 100
    20259003.850% Senior Notes3.8503.6% = (900 / 25,285) * 100
    20257042.250% Senior Notes (GBP-denominated)2.2502.8% = (704 / 25,285) * 100
    20262,0003.200% Senior Notes3.2007.9% = (2,000 / 25,285) * 100
    20277505.150% Senior Notes5.1503.0% = (750 / 25,285) * 100
    20271,0002.250% Senior Notes2.2504.0% = (1,000 / 25,285) * 100
    20275591.125% Senior Notes (EUR-denominated)1.1252.2% = (559 / 25,285) * 100
    20289005.450% Senior Notes5.4503.6% = (900 / 25,285) * 100
    20287005.375% Senior Notes5.3752.8% = (700 / 25,285) * 100
    20281,0004.200% Senior Notes4.2004.0% = (1,000 / 25,285) * 100
    20293,0003.500% Senior Notes3.50011.9% = (3,000 / 25,285) * 100
    20308504.750% Senior Notes4.7503.4% = (850 / 25,285) * 100
    20301,0002.650% Senior Notes2.6504.0% = (1,000 / 25,285) * 100
    20305591.625% Senior Notes (EUR-denominated)1.6252.2% = (559 / 25,285) * 100
    20315005.350% Senior Notes5.3502.0% = (500 / 25,285) * 100
    20318944.500% Senior Notes (EUR-denominated)4.5003.5% = (894 / 25,285) * 100
    20317043.000% Senior Notes (GBP-denominated)3.0002.8% = (704 / 25,285) * 100
    20339005.600% Senior Notes5.6003.6% = (900 / 25,285) * 100
    20331,3005.625% Senior Notes5.6255.1% = (1,300 / 25,285) * 100
    20347505.450% Senior Notes5.4503.0% = (750 / 25,285) * 100
    20349005.150% Senior Notes5.1503.6% = (900 / 25,285) * 100
    20492,0004.400% Senior Notes4.4007.9% = (2,000 / 25,285) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Other large, integrated providers of financial services technology and payment systems
    • Data processing affiliates of large companies
    • Processing centers owned or operated as user cooperatives
    • Financial institutions
    • Merchant acquirers
    • Independent Sales Organizations (ISOs)
    • Independent Software Vendors (ISVs)
    • Payments companies
    • Payment network operators
    • Global and local IT product and services companies
    • Payment service providers and processors
    • Large, diversified software and service companies
    • Vendors that offer similar transaction processing products and services to financial institutions
    • Large technology, media, and other emerging financial technology providers
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1985 PresentCurrent auditor

    Recent developments and announcements about FI.

    Corporate Leadership

      CEO Change

      ·
      Jan 23, 2025, 11:01 PM

      Frank J. Bisignano, the current CEO of Fiserv, Inc., will resign as President effective January 27, 2025, but will remain as CEO and Chairman until the earlier of his confirmation as Commissioner of Social Security by the U.S. Senate or June 30, 2025. Michael P. Lyons has been appointed as CEO-Elect and will assume the CEO role on the transition date.

      Leadership Change

      ·
      Jan 23, 2025, 11:01 PM

      Who is leaving?

      • Frank J. Bisignano, the current President of Fiserv, will step down from his role as President effective January 27, 2025. However, he will continue as Chairman and CEO until the earlier of his confirmation as Commissioner of Social Security or June 30, 2025.

      Why?

      • Frank J. Bisignano is expected to transition to a new role as Commissioner of Social Security, pending U.S. Senate confirmation.

      Who is stepping up?

      • Michael P. Lyons has been appointed as President and CEO-Elect, effective January 27, 2025. He will officially assume the role of CEO by June 30, 2025, or earlier if Frank J. Bisignano's confirmation occurs sooner.
      • Additionally, Doyle R. Simons, the lead independent director, will become the non-executive Chairman of the Board on the CEO transition date.

      Board Change

      ·
      Jan 23, 2025, 11:01 PM

      Michael P. Lyons has been appointed as a member of the Board of Directors of Fiserv, Inc., effective upon his assumption of the role of Chief Executive Officer, which will occur on the earlier of Frank J. Bisignano's confirmation as Commissioner of Social Security by the U.S. Senate or June 30, 2025.

      Leadership Change

      ·
      Dec 6, 2024, 9:37 PM

      Frank Bisignano, Chairman, President, and CEO of Fiserv, has been nominated by President-elect Donald J. Trump to serve as Commissioner of the Social Security Administration. His appointment is pending confirmation by the U.S. Senate. Until then, he will continue in his current roles at Fiserv. The company has a long-term succession plan in place to select his successor .

      Board Change

      ·
      Dec 6, 2024, 9:37 PM

      Frank Bisignano, Chairman, President, and CEO of Fiserv, has been nominated by President-elect Donald J. Trump as Commissioner of the Social Security Administration. He will continue in his current roles at Fiserv until his appointment is confirmed by the U.S. Senate .

      CEO Change

      ·
      Dec 6, 2024, 9:37 PM

      Frank Bisignano, the Chairman, President, and CEO of Fiserv, Inc., has been nominated by President-elect Donald J. Trump to serve as the Commissioner of the Social Security Administration. However, he will continue in his current roles at Fiserv until his appointment is confirmed by the U.S. Senate. The Fiserv Board of Directors has a succession plan in place to select a new CEO once the confirmation occurs .