Payment processing behemoth Fiserv has named Michael P. Lyons as the successor to CEO Frank Bisignano, who was nominated last month by President Donald Trump to lead the Social Security Administration.
Lyons, who is currently president of PNC Financial Services Group, will become Fiserv's president and CEO-elect on Jan. 27, a Thursday news release from the company said.
Bisignano will continue as CEO until June 30, unless he is confirmed as commissioner of the Social Security Administration by the U.S. Senate earlier. Lyons will report to Bisignano until then, and become CEO and a member of the board as soon as Bisignano leaves the company, the release said.
Lyons has been PNC’s president since February 2024, according to his LinkedIn profile. Prior to that, he was an executive vice president and the head of corporate and institutional banking at PNC, a post he held for about 12 years, his LinkedIn profile says. Before joining PNC in October 2011, he was Bank of America’s global head of corporate development and strategic planning, the company’s website says.
Lyons, who was BofA’s global head of corporate development and strategic planning, played a key role in PNC's acquisition of the Houston-based bank BBVA USA from the Spanish financial group Banco Bilbao Vizcaya Argentaria. He has three decades of experience in financial services, Fiserv said.
Trump announced his selection of Bisignano as commissioner of the Social Security Administration on December 4. Fiserv said at the time that it had established a long-term succession plan to find a successor.
Bisignano became CEO of Fiserv in 2020, and before that he was the CEO of rival First Data, a position he held in 2013 when that company was acquired by Fiserv in 2019. He was appointed Fiserv’s chairman in 2022. Before joining First Data, he worked for JPMorgan Chase, where he was promoted to co-chief operating officer in 2012.
Analysts were upbeat about Fiserv's decision, citing Lyons' decades of experience in financial services.
"He was very influential in the strategic acquisitions that PNC made over the years, which is important for Fiserv, given a meaningful piece of the Fiserv strategy will be tied to [mergers and acquisitions]," Wells Fargo analyst Andrew Bauch said in a phone interview.
Still, investors he has spoken to questioned whether Lyons could make the transition from a bank to a financial technology company, but the incoming CEO will have a “deep pool of talent” to lean on as he takes over from Bisignano, Bauch added.
His selection was "logical" given his leadership experience, Baird Equity Research analyst David Koning wrote in a note to investors Thursday. "Fiserv likely benefits from a leader with relationships across large banks," he wrote.
Lyons' selection was a "modest surprise" because he is an external hire, TD Cowen analyst Bryan Bergin wrote in a note to investors Thursday. But the pick is "a clear nod to the importance of bank relationships and focus on rounding out a financial solutions product suite," he wrote.
Lyons can "hit the ground running" thanks to the pre-existing relationship between Fiserv and PNC, Bergin wrote.
The payments processor looked for a leader with industry experience and strategic vision, Doyle R. Simons, lead independent director of Fiserv, said in Fiserv's news release.
"I have known the company for a long time as an investor, banker, and technology service provider and look forward to advancing Fiserv’s 40-year track record of success," Lyons said.
