NEW YORK - Fiserv (NYSE:FI), Inc. (NYSE: FISV), a prominent provider of financial services technology with a market capitalization of $122.8 billion and impressive year-to-date returns of 62%, announced today that its Chairman, President, and CEO, Frank Bisignano, has been nominated by President-elect Donald J. Trump to take on the role of Commissioner of the Social Security Administration. According to InvestingPro data, the company has demonstrated strong financial health with annual revenue reaching $20.12 billion.
The nomination is pending confirmation by the U.S. Senate. Until the confirmation is secured, Mr. Bisignano will maintain his leadership roles at Fiserv. The company's board has confirmed that it will execute its long-standing succession plan to appoint a successor to Bisignano.
During his tenure, Bisignano has been instrumental in driving the company's growth and innovation, a fact highlighted by Doyle R. Simons, Lead Director of Fiserv. The board stands ready to continue the company's trajectory following an established succession planning process.
Bisignano expressed his pride in Fiserv's achievements and his gratitude for the nomination, stating his eagerness to leverage his experience to improve the social security system, pending confirmation.
Fiserv, a Fortune 500 company and S&P 500® Index member, has been recognized as one of Fortune® World's Most Admired Companies™ for nine of the past ten years. The company's commitment to moving money and information with innovative financial technology serves a wide array of clients, including financial institutions, businesses, and communities.
The announcement of Bisignano's nomination is based on a press release statement from Fiserv, Inc. The company's future leadership will be determined following the board's succession plan, ensuring continuity of Fiserv's strategic direction and operational excellence.
In other recent news, Fiserv's CEO, Frank Bisignano, has been nominated by President-elect Donald Trump for the role of commissioner of the Social Security Administration. This development follows Fiserv's significant acquisition of First Data in 2019, marking a major merger in the payments processing industry. RBC Capital Markets has included Fiserv among its top five investment ideas for fiscal year 2025, indicating a positive trend in the Payments, Processors & IT Services sectors.
Multiple analyst firms, including BMO Capital Markets, KeyBanc, and TD Cowen, have increased their price targets for Fiserv, reflecting potential for upward revisions to estimates and valuation expansion. These revisions follow Fiserv's recent financial performance, which revealed a 17% year-over-year increase in adjusted EPS and a 7% growth in adjusted revenue, with the Merchant Solutions segment displaying a remarkable 24% organic revenue growth.
In line with these results, Fiserv has raised its full-year guidance for organic revenue growth to 16%-17% and adjusted EPS to $8.73-$8.80. These recent developments reflect the company's continued growth trajectory and strong financial health.
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