In a statement, payments giant Fiserv Inc stated, from July 1, Frank Bisignano will become its chief executive. He will be replacing Jeffery Yabuki, who will remain with the company as its chairman until the end of his term in December 31, 2020.
The development marks an end to Yabuki’s 15 year tenure at the top of Wisconsin-based Fiserv Inc and came on the day that Fiserv announced a slight increase in adjusted revenue in its first quarter report compared with a year earlier.
“If you go back (to the merger announcement in January 2019), nothing was mentioned and we didn’t write anything down, but we have got to know each other since then,” said Bisignano. “This was Jeff’s decision and I’m happy to take on the role.”
According to its website, it has a market capitalization of around $73 billion, and has grown into one of the largest payments companies in the world. Fiserv Inc has an employee strength of 44,000 and deals with financial institutions and businesses in around 100 countries.
On Thursday, Fiserv reported an adjusted revenue of $3.48 billion; Yabuki mentioned that the company had experienced a “significant impact” in its business at the end of the reporting period due to the coronavirus pandemic.