Fiserv Stock Slips as Trump Nominates CEO to Head Social Security Administration | Global News Avenue

Feisel (FI) shares of the financial services company fell Thursday morning after President-elect Donald Trump named Frank Bisignano, the financial services company’s chief executive, as his candidate to lead the company. Social Security Administration.

In a Truth Society post announcing the nomination, Trump called Bisignano a “business leader with a tremendous record of transforming major corporations.”

Fiserv said in a statement Thursday that Bisignano will remain in his role. CEO Until confirmation hearings are eventually held. Lead director Doyle Simons said succession planning “has always been a top priority” for the company’s board and said a new CEO would be appointed in accordance with the previous succession plan if confirmed.

“It has been an honor to serve as CEO of Fiserv, and I am extremely proud of what our team has accomplished and will accomplish,” said Bisignano. “I am honored to have this once-in-a-lifetime opportunity to serve my country. I am grateful President-elect Trump, if confirmed, I look forward to applying my experience to transform our Social Security system.”

The Fiserv CEO previously worked at Citigroup (C) and JPMorgan Chase (JPMorgan Chase) previously worked at First Data, another financial technology company. He joined Fiserv through its merger with First Data and served as chief operating officer After the merger in 2019, he served as CEO of the combined company and became CEO in 2020.

Fiserv shares fell more than 5.5% in the first hour of trading Thursday to around $203.29, still more than 50% above where they started the year.