Jennifer LaClair
About Jennifer LaClair
Jennifer A. LaClair, age 53, serves as Head of Merchant Solutions at Fiserv and previously as Chief Revenue Officer; she joined Fiserv in 2023 after serving as CFO of Ally Financial and senior roles at PNC and McKinsey . She holds a summa cum laude degree from SUNY Buffalo and an MBA from Case Western Reserve University; she is a Class A Director at the Federal Reserve Bank of Richmond (term 2024–2026) and a director at Whirlpool Corporation . FI’s 2024 performance featured GAAP revenue growth of 7%, organic revenue growth of 16%, adjusted EPS of $8.80 (+17%), and one-year TSR of 54.6% (91st percentile vs peers) .
Company performance metrics
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $17,737,000,000 | $19,093,000,000 | $20,456,000,000 |
| EBITDA ($USD) | $6,855,000,000* | $7,968,000,000* | $8,974,000,000* |
Values marked with an asterisk were retrieved from S&P Global.*
2024 highlights (context)
| Performance Highlight | Value |
|---|---|
| GAAP revenue growth YoY | 7% |
| Organic revenue growth YoY | 16% |
| GAAP diluted EPS | $5.38 |
| Adjusted EPS growth YoY | 17% (to $8.80) |
| GAAP operating margin | 28.7% |
| Adjusted operating margin | 39.4% |
| One-year total shareholder return (2024) | 54.6%; 91st percentile vs peer group |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fiserv | Head of Merchant Solutions | Jan 2024–present | Leads Merchant Solutions; core growth platform and product innovation |
| Fiserv | Chief Revenue Officer | Jul 2023–Dec 2023 | Enterprise revenue leadership and go-to-market strategy |
| Ally Financial | Chief Financial Officer | 2017–2022 | Oversight of finance, capital markets, treasury, IR; digital transformation |
| PNC Financial Services | CFO for all businesses; Head of Business Bank | 2007–2017 | P&L leadership across consumer/commercial/corporate; led merchant services JV strategy |
| McKinsey & Company | Strategy consultant; practice manager (North America operations) | 2001–2007 | Operations and transformation advisory |
External Roles
| Organization | Role | Years | Committees / Notes |
|---|---|---|---|
| Federal Reserve Bank of Richmond | Class A Director | 2024–2026 | Biography confirms education and Fiserv role |
| Whirlpool Corporation | Director | 2020–present | Audit Committee Chair; Corporate Governance and Nominating |
Fixed Compensation
Not disclosed for Ms. LaClair in FI’s 2025 proxy (not a named executive officer). FI policy context:
- Executive officers must maintain stock ownership at 4x base salary; CEO at 12x; compliance expected within 5 years (unvested options/PSUs excluded) .
- Hedging and pledging of FI stock prohibited for directors and executive officers .
Performance Compensation
FI’s executive incentive design (applies to named executive officers; reflects broader executive framework):
- Annual incentive metrics: Adjusted Revenue for Incentive Compensation (50%) and Adjusted Operating Income (50%), with formulaic thresholds/targets; 2024 payout at 101.9% of target .
- Long-term incentives: Mix of PSUs and RSUs; PSUs have 3-year performance with 40% weight on relative TSR vs S&P 500 (target at 55th percentile; capped at target if absolute TSR is negative), 40% organic revenue growth, 20% adjusted EPS .
2024 annual incentive metric table (program reference)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Factor |
|---|---|---|---|---|---|---|
| Adjusted Revenue for Incentive Compensation ($mm) | 50% | 18,900 | 19,400 | ≥19,900 | 19,123 | 101.9% of target |
| Adjusted Operating Income ($mm) | 50% | 7,200 | 7,450 | ≥7,725 | 7,537 | 101.9% of target |
PSU performance framework (illustrative)
| Component | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|
| Relative TSR vs S&P 500 | 40% | 30th percentile → 50% multiplier | 55th percentile → 100% multiplier | ≥90th percentile → 200% multiplier |
| Organic revenue growth | 40% | Set annually | Set annually | Set annually |
| Adjusted EPS | 20% | Set annually | Set annually | Set annually |
RSU vesting schedule (program reference)
| Award Type | Vesting |
|---|---|
| RSUs | One-third annually on each anniversary of grant |
Equity Ownership & Alignment
- Total beneficial ownership: Not disclosed in FI proxy for Ms. LaClair. Recent Form 4 filings confirm active equity activity:
- Form 4 filed July 18, 2024 notes disposal of 3,310 shares at $157.96 per share (transaction date July 17, 2024) .
- Additional Form 4 filings in Feb 2024 and Feb 2025 confirm ongoing reporting of equity changes (CIK 0001733079) .
- Alignment policies:
- Stock ownership guideline for executive officers: 4x salary; expected compliance within 5 years .
- Hedging and pledging prohibitions for executive officers and directors .
- Pledging: Prohibited for executive officers (no pledging disclosed for Ms. LaClair) .
Employment Terms
- Role/Reporting: Continues as Head of Merchant Solutions, reporting to COO Takis Georgakopoulos (appointed Apr 2, 2025) .
- Severance and change-of-control: FI Executive Severance and Change of Control Policy provides, upon involuntary termination without cause or resignation for good reason:
- Cash severance equal to 1.5x base salary + target cash incentive; 18 months COBRA; 12 months continued vesting for options/RSUs; PSUs pro rata after performance period based on actual performance; double-trigger vesting required post-change-of-control .
- Non-compete and covenants:
- Equity award agreements include confidentiality, 12-month non-compete and non-solicit post-employment; breach can trigger clawback of prior compensation .
- Clawback:
- Comprehensive recoupment policy aligned to SEC/NYSE requirements, with recovery for restatements, code violations, legal violations, and restrictive covenant non-compliance; extends beyond mandatory elements and covers current/former employees and contractors .
Performance & Track Record
- Merchant Solutions leadership: Public commentary highlights partnership execution (e.g., Paysafe collaboration on Clover Capital integration and digital wallet expansion) .
- FI operating and shareholder performance in 2024: See highlights table above; strong organic growth and TSR .
Board Governance
- Not a FI director. External governance:
- Richmond Fed Class A Director (2024–2026) .
- Whirlpool director; Audit Committee Chair and Corporate Governance & Nominating member .
Compensation Peer Group & Say-on-Pay
- Peer group (for FI executive benchmarking): American Express, Mastercard, ADP, Nasdaq, BlackRock, Paychex, Block, PayPal, Cognizant, Salesforce, Discover, S&P Global, FIS, BNY Mellon, Global Payments, Visa, Intuit .
- Say-on-Pay (2024): 91% approval; committee maintained program emphasizing equity and PSUs with rigorous TSR and financial goals .
Expertise & Qualifications
- Education: SUNY Buffalo (summa cum laude), MBA Case Western Reserve .
- Industry/functional expertise: Strategy, finance, operating leadership in payments/financial services; prior CFO and business banking leadership; audit chair experience; regulatory governance (Richmond Fed) .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited; no pledging disclosed for Ms. LaClair .
- Insider selling pressure: Documented July 2024 share disposition; ongoing Form 4 filings indicate equity activity cadence; details should be assessed in context of vesting/tax events using Form 4 footnotes .
Investment Implications
- Pay-for-performance alignment: FI’s executive program ties annual and long-term pay to revenue, operating income, organic growth, EPS, and relative TSR with balanced rigor and clawbacks—supportive of alignment and risk management for senior leaders like LaClair .
- Retention risk: Policy offers market-standard severance and double-trigger protections; equity-heavy compensation and ownership guidelines create retention incentives and alignment, while non-compete/recoupment mechanisms mitigate adverse departures .
- Trading signals: Monitor Form 4 cadence around expected RSU/PSU vest dates and 10b5-1 plans; July 2024 transaction suggests timing around equity events; absence of pledging reduces alignment risk .
- Strategic execution: Public remarks and role indicate focus on Merchant Solutions product expansion and partnerships; FI’s 2024 organic growth and TSR underpin value creation during her tenure .