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May 7, 2020, 6:46 p.m. EDT

Fiserv says CEO Yabuki will depart in July as First Data executive steps into the top role

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By Emily Bary

Fiserv Inc. shares /zigman2/quotes/204817680/composite FISV -0.92% dropped 2% in after-hours trading Thursday after the company announced that Chief Executive Jeffery Yabuki will be stepping down from his post on July 1. He'll be succeeded by Frank Bisignano, who's currently the president and chief operating officer of Fiserv. He joined the company from First Data, which Fiserv acquired in July. Yabuki is the chairman of Fiserv's board and will stay on as executive chairman for the duration of 2020. The company also posted first-quarter results Thursday. It reported net income of $392 million, or 57 cents a share, up from $225 million, or 56 cents a share, in the year-prior quarter. Adjusted earnings per share rose to 99 cents from 85 cents and came in even with the FactSet consensus. Revenue rose to $3.77 billion from $1.5 billion and included $1.4 billion from the businesses acquired in the First Data deal. Fiserv shares have lost 12% in the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.03% has declined 13%.

/zigman2/quotes/204817680/composite
US : U.S.: Nasdaq
$ 102.84
-0.96 -0.92%
Volume: 7.14M
Sept. 18, 2020 12:52p
P/E Ratio
81.87
Dividend Yield
N/A
Market Cap
$69.51 billion
Rev. per Employee
$242,625
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/zigman2/quotes/210599714/realtime
US : S&P US
3,322.40
-34.61 -1.03%
Volume: 1.38B
Sept. 18, 2020 12:52p
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