FISERV appointed Michael P. Lyons, Director of PNC, to assume the role of the outgoing CEO Frank Bisignano, bringing in a long -standing banking manager into the world of technology sales and leaving an empty seat on the talent bench The financial institution based in Pittsburgh.
Lyons will become president and elected CEO of Fiserv, from January 27. He will report to Bisignano until June 30, or until the previous confirmation of Bisignano by the Senate as a commissioner of the Social Security Administration for the Trump administration. This decision changes the planning of PNC’s succession, which considered Lyons as one of the best candidates to possibly replace the CEO William Demchak.
“Although this seems to be a great opportunity for Mr. Lyons, we consider it a loss for PNC,” said a note of analyst of Piper Sandler on Thursday. “Lyons is well known to investors, and he enjoys an extraordinary esteem. For this, PNC had a
When Lyons becomes CEO, Doyle R. Simons, currently the main independent administrator of FISERV, will become non -executive president of the board of directors.
“I have known the company for a long time as an investor, banker and technology service provider and I look forward to advancing the 40 years of FISERV success with this remarkable set of assets developed by Frank and the team of Directorate of FISERV, “said Lyons. said in a press release.
PNC loss
where he managed all the activity sectors of the bank. He was also executive president and responsible for banking services to companies and institutions at PNC, helping to direct the acquisitions of the bank, including BBVA in 2021.
When Lyons was appointed to his current post, he succeeded Demchak as president of the PNC. At the time, analysts qualified Lyon as a “highly appreciated leader” and declared that the promotion “would strengthen in the mind of investors the printing” that Lyon would succeed Demchak.
Piper Sandler’s note on Thursday suggested that the departure of Lyon was a surprise, but the bank has a large pool of talents and operated until last year without president.
“We consider the news of today as an unfortunate upheaval which generates an unexpected uncertainty,” said Piper Sander. “But PNC has the possibility of answering the question of succession and transmitting it to the market with free time.”
In an analyst note, RBC Capital Market said that the company assumed that Lyons was the alleged heir to Demchak, and the departure of Lyons “rejects” this hypothesis. PNC did not comment on the transfer from Lyon to Fiserv.
The next FISERV steps
FISERV has left the company to replace Bisignano, a veteran of financial technology that has run projects in large companies for years.
Bisignano has been CEO of Fiserv since 2022, assuming the highest position after that of Fiserv.
At First Data, Bisignano supervised a recovery focused on technology after a drop in profits in the early 2010s. A key element of this strategy was
In addition to its role at PNC, Lyons was also president of Early Warning Services, which owns and operates the Zelle bank payment application and its Paze associated mobile portfolio.
The other Lyons experience includes that of the global manager of business development and strategic planning for Bank of America, where he was responsible for managing the bank of the bank, mergers and acquisitions, the investment capital and relations with investors. Before Bank of America, Lyons was portfolio manager at Maverick Capital, where he focused on financial institutions around the world.
Lyons is a banker in the soul, which gives him immediate credibility with financial institutions, but he will enter a high pressure cultivation at Fiserv, an environment in which it can be difficult to sail for foreigners, A Declared Richard Crone, paying consultant. : “Adapting to the environment focused on fiserv sales can be a challenge for those who come from a traditional banking environment.”
On the other hand, the experience of Frank Bisignano in terms of bringing the priorities of retail and banks has been refined thanks to its leadership at First Data and Fiserv, where it managed to modernize the existing infrastructure and integrate a advanced technology, according to Crone. “With the acquisition of First Data, FISERV is now used for retailers with as much importance as banks, and Lyons will have to gain the confidence of traders,” said Crone.
