Fiserv Appoints Michael Lyons as CEO

Payment processor Fiserv appointed Michael Lyons as its Chief Executive Officer on Tuesday. Mr. Lyons replaces Frank Bisignano, who is slated to become the commissioner of the Social Security Administration (SSA). The U.S. Senate approved Mr. Bisignano's nomination to lead the SSA on Tuesday by a party-line vote of 53-47, with all Republican senators voting in favor and all Democratic senators voting against. President Donald Trump had selected Mr. Bisignano for the role in December.

In addition to the CEO appointment, Fiserv also named Doyle R. Simons as non-executive chairman on Tuesday, according to a release posted on Fiserv's website shortly after the Senate vote. Mr. Simons had previously served as the lead independent director on the company's board. In the release, Mr. Simons was quoted as saying, "Together with my fellow board members, we look forward to working with Mike and the entire management team as they continue to drive growth, innovation, and industry leadership."

Before joining Fiserv in January as president and CEO-elect, Mr. Lyons's most recent role was president of PNC Financial Services Group, a position he assumed last year. Prior to that, he served as an executive vice president and the head of corporate and institutional banking at PNC for approximately 12 years.

Mr. Bisignano became CEO of Fiserv in 2020, taking the role after serving as CEO of rival First Data at the time Fiserv acquired that company in 2019. Before his tenure at First Data, he worked for JPMorgan Chase, where he was promoted to co-chief operating officer in 2012.

During his confirmation hearing for the SSA role, the outgoing CEO faced intense questioning from Senate Democrats. The questioning related to his ties to the Department of Government Efficiency (DOGE), an agency reportedly focused on achieving significant reductions in government spending. A whistleblower report dated March 24 accused Mr. Bisignano of personally intervening to place a DOGE staffer at the Social Security Administration who allegedly gained access to Americans' personal information. Senator Ron Wyden, a Democrat from Oregon, contended in a floor speech ahead of the Senate vote that Mr. Bisignano had not been truthful regarding the whistleblower report, stating, "When pressed on it during his confirmation hearing, he lied to me and the Committee, saying he had no direct involvement with DOGE." While Mr. Bisignano did not directly answer questions during his March hearing about protecting Social Security benefits from cuts or opposing privatization of the program, he did provide a guarantee that he would preserve the safety net program. Social Security benefits are received by approximately 73 million Americans.