Fiserv slides as Trump taps CEO Bisignano to head Social Security Administration

Shift4 Payments

05/12/2024 13:14

(Updates)
    ** Shares of payments firm Fiserv  FI.N  slide 7.8% to
$198.95 in premarket trading
    ** U.S. President-elect Donald Trump picks Fiserv CEO Frank
Bisignano late on Wednesday to head the Social Security
Administration
    ** FI set to host a conference call on Thursday at 08:30 AM
ET with top management
    ** 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 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;))