AI English summary of an SEC filing — figures as filed
Fiserv FISVThe company said its Board of Directors on January 22, 2025 appointed Michael P. Lyons as President and CEO-Elect, effective January 27, 2025. He will become Chief Executive Officer and a board member on the earlier of Frank J. Bisignano's Senate confirmation as Commissioner of Social Security or June 30, 2025.
Key points
AI summaryThe company said its Board of Directors on January 22, 2025 appointed Michael P. Lyons as President and CEO-Elect, effective January 27, 2025. He will become Chief Executive Officer and a board member on the earlier of Frank J. Bisignano's Senate confirmation as Commissioner of Social Security or June 30, 2025.
Fiserv said Frank J. Bisignano will resign as President effective January 27, 2025 and will remain Chairman and Chief Executive Officer until the CEO Transition Date. The board separated the Chairman and CEO roles on January 22, 2025 and named Doyle R. Simons, the lead independent director, as non-executive Chairman effective from the CEO Transition Date.
The company said under the Offer Letter, Lyons will receive an annual base salary of $1,300,000 and a target annual cash incentive of 200% of his base salary. Its annual equity incentive for 2025 will consist of RSUs with a grant date value of $6,440,000 and PSUs with a grant date value of $9,660,000.
The company said it will provide Lyons with a cash payment of $11,665,108.57, 14,833.14 RSUs and 114,987.71 PSUs to replace unvested equity awards and cash incentives he will forfeit at PNC. Of the cash, $7,465,108.57 replaces unvested equity awards and $4,200,000.00 replaces the cash portion of his 2024 annual incentive.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Fiserv Names Michael P. Lyons President and CEO-Elect
The company said its Board of Directors on January 22, 2025 appointed Michael P. Lyons as President and CEO-Elect, effective January 27, 2025. He will become Chief Executive Officer and a board member on the earlier of Frank J. Bisignano's Senate confirmation as Commissioner of Social Security or June 30, 2025.
Source · Based on the filing body and exhibits
Frank J. Bisignano to Resign as President; Chairman and CEO Roles Separated
Fiserv said Frank J. Bisignano will resign as President effective January 27, 2025 and will remain Chairman and Chief Executive Officer until the CEO Transition Date. The board separated the Chairman and CEO roles on January 22, 2025 and named Doyle R. Simons, the lead independent director, as non-executive Chairman effective from the CEO Transition Date.
Source · Based on the filing body and exhibits
Lyons Offer Letter Compensation Terms
The company said under the Offer Letter, Lyons will receive an annual base salary of $1,300,000 and a target annual cash incentive of 200% of his base salary. Its annual equity incentive for 2025 will consist of RSUs with a grant date value of $6,440,000 and PSUs with a grant date value of $9,660,000.
Source · Based on the filing body and exhibits
Replacement Awards for Equity and Incentives Forfeited at PNC
The company said it will provide Lyons with a cash payment of $11,665,108.57, 14,833.14 RSUs and 114,987.71 PSUs to replace unvested equity awards and cash incentives he will forfeit at PNC. Of the cash, $7,465,108.57 replaces unvested equity awards and $4,200,000.00 replaces the cash portion of his 2024 annual incentive.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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