Fiserv falls after Trump picks CEO Bisignano to head Social Security Administration

Shift4 Payments

05/12/2024 10:59

** Shares of payments firm Fiserv  FI.N  down 2.7% to $210
premarket
    ** U.S. President-elect Donald Trump tapped Fiserv CEO Frank
Bisignano late on Wednesday to head the Social Security
Administration
    ** Bisignano is the latest fintech CEO to be picked for a
cabinet post following the appointment of Shift4  FOUR.N  CEO
Jared Isaacman as head of NASA
    ** Bisignano seems a good selection for the role given his
large-scale transformation experience - Citi Research 
    ** Brokerage says there is a legacy of leadership and value
creation that will be missed at Fiserv, which presents some
near-term uncertainty in terms of a successor
    ** However, it says Bisignano has assembled a solid bench of
talent at the company and the business is well set up for
continued execution from the next level of leadership
    ** As of last close, FI shares are up 62.5% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))