Fiserv Appoints Michael P. Lyons as President and CEO-Elect

Fiserv, Inc. (NYSE: FI) announced on January 22, 2025, the appointment of Michael P. Lyons as the President and CEO-Elect of the company. Effective as of January 27, 2025, Lyons will take on the role of Chief Executive Officer and become a member of the Board. The transition will be completed upon the confirmation of Frank J. Bisignano, the current Chairman, President, and CEO, as Commissioner of Social Security by the U.S. Senate or by June 30, 2025, whichever comes first.

Lyons, aged 54, previously held the position of President at The PNC Financial Services Group, Inc. and PNC Bank, National Association before accepting this new role at Fiserv. His extensive experience also includes serving as Executive Vice President and Head of Corporate and Institutional Banking at PNC, as well as leading Corporate Development and Strategic Planning at Bank of America.

In connection with his appointment, Lyons and Fiserv have established an offer letter outlining his compensation package. This includes an annual base salary of $1,300,000, a target annual cash incentive opportunity of 200% of his base salary, and substantial equity incentive opportunities. Additionally, Lyons will receive relocation assistance, various benefits provided to senior executives, and access to the company’s aircraft for personal travel, among other perks.

To compensate for unvested equity awards and cash incentives forfeited upon leaving PNC, Lyons will receive a replacement package which includes cash payments and equity awards. The company retains the right to terminate Lyons’ employment at any time, with severance terms outlined in the Executive Severance and Change of Control Policy.

Moreover, Fiserv has decided to split the roles of Chairman and Chief Executive Officer, appointing Doyle R. Simons as non-executive Chairman of the Board effective as of the CEO Transition Date.

The full details of Lyons’ appointment and compensation package can be found in the Offer Letter, which has been filed as Exhibit 10.1 in the Current Report on Form 8-K submitted to the Securities and Exchange Commission.

As of January 23, 2025, Robert W. Hau, Chief Financial Officer of Fiserv, signed the report in compliance with the Securities Exchange Act of 1934.

The Financial Statements and Exhibits section of the report lists the Offer Letter between Fiserv and Michael P. Lyons as an exhibit.

This report is issued in adherence to the filing requirements set forth by the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Fiserv’s 8K filing here.

About Fiserv

Fiserv, Inc, together with its subsidiaries, provides payments and financial services technology services in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally. It operates through Merchant Acceptance, Financial Technology, and Payments and Network segments.