Fiserv’s leadership transition was over in less than two weeks last month, with the payment processor now run by two top executives after CEO Frank Bisignano deemed his successor ready to lead after about 10 days at the company, Fiserv CFO Bob Hau told investors Tuesday.
Michael Lyons, Fiserv’s president and CEO-elect and the former president of PNC, joined a monthly Firserv management committee meeting on Jan. 27, his first day with the company, Hau said.
“We announced (it) on a Thursday, and he showed up for work on Monday, which gets at a little bit of the speed of the company but also the speed of Mike,” Hau said at the Wolfe Research FinTech Forum 2025 event. “He transitioned quite quickly.”
“I would say probably 10 days into that transition, Frank declared the transition over internally,” Hau said. After a recent manager's meeting, Bisignano said, ‘OK, we’re done. Mike and I are now leading the company together.’”
Bisignano, the former head of First Data until the companies merged six years ago, was nominated by President Donald Trump in December to run the Social Security Administration. Fiserv announced Bisignano’s future departure on Dec. 5. He’s expected to leave Milwaukee-based Fiserv on June 30 or before, depending on the timing of a Senate confirmation.
In terms of strategy changes under the new CEO, don’t look for any, Hau said, with Lyons telling employees and investors to not “expect a big unveil” once he assumes the top job on a solo basis.
“He's not changing the direction of the company,” Hau said. “He came to Fiserv because of his belief in the strategy and the focus and the future of the company. He’s a long-term client. As the president of PNC, he operated 92 Fiserv products. So he knows the company quite well.”
Over the past year, Fiserv has become a slightly smaller company, in terms of employees. The company lost about 10% of its workforce in 2024, ending the year with 38,000 employees, according to its annual report filed last month.
Fiserv continues to stand by its aggressive growth prospects for Clover, its point-of-sale payments solution for small businesses. Clover faces competition from rivals such as Toast, Shift4, Shopify and Square that target the same retail and restaurant clients.
The company expects Clover revenue of $3.5 billion by year’s end, after building sales to $2.7 billion last year. For 2026, Clover sales are expected to increase by another $1 billion to $4.5 billion, Hau said.
Fiserv introduced Clover in Brazil in December, and plans to launch the service in Mexico and Australia, with all three markets “starting to ramp” later in 2025, Hau said.
“We have good visibility into the Clover growth, confidence in that international channel,” he said.
Lyons is also a Clover client, Hau said, because his wife runs a small business using Clover. “He knows the company quite well,” Hau said. “He knows the leadership team quite well, and it's been a pretty smooth transition.”
In terms of small-business operations, Hau said 39 banks had adopted Fiserv’s new CashFlow Central product by year’s end, a platform the banks use to help improve and cement their relationships with small businesses. The first banks using that platform will go live by June 30, he said.
That business line is expected to contribute significantly to revenue over time, Hau said. “I think it's meaningful over the next several years, and we expect it to be a nine-digit number,” he said.
