Jeffrey A. Goldstein to Become Independent
Chairman of the Board of Directors, Effective December 16, 2022
Gary A. Norcross, a Dedicated Member of the FIS
Team for Over 34 Years, to Depart from Company and Board
FIS® (NYSE: FIS), a global leader in financial services
technology, today announced updates to its Board of Directors and
leadership team to drive enhanced shareholder value. Consistent
with the Board’s focus on enhancing corporate governance, FIS will
transition to an independent Board Chair structure. Jeffrey A.
Goldstein, Lead Independent Director of the FIS Board, has been
appointed as Independent Chairman, effective December 16, 2022. In
conjunction with this appointment, Stephanie L. Ferris, previously
announced as incoming Chief Executive Officer, will succeed Gary A.
Norcross effective December 16, 2022. As part of the leadership
transition of the Board, Mr. Norcross will depart from the Board of
FIS on the same date.
“FIS is well positioned for growth across our markets and we are
moving forward with this new Board leadership structure from a
position of great opportunity,” said Mr. Goldstein, Lead
Independent Director of the FIS Board and incoming Independent
Chairman of the Board. “Stephanie is an accomplished industry
veteran with expertise in payments, technology platform businesses
and driving transformation and has already demonstrated at FIS how
she will leverage her deep understanding of FIS’ colleagues,
clients and strategy to lead the organization with her reputation
for driving operational excellence, disciplined innovation and
client inspiration. The Board is confident she is the ideal leader
to take the Company forward and enhance shareholder value.”
Mr. Goldstein concluded: “We are grateful to Gary for his over
34 years of dedicated service and many important contributions to
FIS. Gary provided tremendous leadership in his varying roles at
FIS over the years, overseeing the expansion of FIS’ product
portfolio and global footprint and setting the strategy for the
Company to become indispensable to our clients. He was also a
strong mentor to our colleagues and has been committed to
continually identifying, growing, recruiting and developing FIS
talent. On behalf of the entire Board, I thank Gary for his
unwavering commitment. He and Stephanie have worked to ensure a
seamless transition for our clients, colleagues, shareholders and
partners.”
In her role as FIS President, Ms. Ferris has been responsible
for steering and executing the Company’s global business strategy,
including M&A, and its global business operations serving
financial institutions, merchants and corporates of all sizes and
geographies. A 28-year industry veteran with expertise in payments,
technology platform businesses and driving digital transformation,
Ms. Ferris has been integral to FIS’ growth globally, where it
currently supports more than 20,000 businesses and over a million
merchant locations.
“I am honored to serve as CEO of FIS during such an important
and exciting phase in the Company and our industry,” said Ms.
Ferris. “My time as President has reinforced what a talented global
team we have, and I look forward to leading this organization as we
build on our momentum and continue to create value for our clients,
partners, colleagues and shareholders. FIS’ stellar history,
marquee clients and successful innovation provide an unrivaled
foundation for us to chart FIS’ future course for fintech
innovation and value creation, and I’m incredibly excited to lead
the company into its future.”
“It has been a privilege to serve as CEO of FIS and I am proud
of all that we have accomplished during my tenure,” said Mr.
Norcross. “Stephanie’s previously announced appointment has been
part of a thoughtful succession plan and I am confident that she is
the right person to lead FIS into its next phase of value creation.
The Board and I believe now is the right time to transition to an
independent Board Chair structure, and we are confident that
Jeffrey is the right person to lead this transition.”
In addition, as separately announced, FIS is initiating a
comprehensive assessment of the Company’s strategy, businesses,
operations and structure with the goal of positioning the Company
to drive stronger results, increase shareholder value and enhance
client services. Further, following the Board’s appointment of two
new independent directors earlier this year, the Board has
appointed a new, highly qualified independent director to the
Board. That press release can be found at
www.investor.fisglobal.com/press-releases.
About Jeffrey A. Goldstein
Mr. Goldstein is a Senior Advisor to Canapi Ventures, a
fintech-oriented venture capital firm, and Advisor Emeritus at
Hellman & Friedman LLC, one of the oldest and most experienced
private equity investment firms. Mr. Goldstein has extensive
experience in mergers and acquisitions, corporate finance and
government and financial regulation. Previously, Mr. Goldstein was
a Managing Director and Senior Advisor at Hellman & Friedman.
From 2009 to 2011, he served as the Under Secretary of the Treasury
for Domestic Finance and Counselor to the Secretary of the
Treasury. Mr. Goldstein was a Managing Director of the World Bank,
where he also served as the Chief Financial Officer. He was also
the Co-Chairman of the investment bank BT Wolfensohn and a partner
at its predecessor organizations. Since 2014, Mr. Goldstein has
served as a Board member of Bank of New York Mellon. Mr. Goldstein
earned a Bachelor of Arts degree from Vassar College and a Master
of Arts, Master of Philosophy and a Ph.D. in economics from Yale
University.
About FIS
FIS is a leading provider of technology solutions for financial
institutions and businesses of all sizes and across any industry
globally. We enable the movement of commerce by unlocking the
financial technology that powers the world’s economy. Our employees
are dedicated to advancing the way the world pays, banks and
invests through our trusted innovation, system performance and
flexible architecture. We help our clients use technology in
innovative ways to solve business-critical challenges and deliver
superior experiences for their customers. Headquartered in
Jacksonville, Florida, FIS is a member of the Fortune 500® and the
Standard & Poor’s 500® Index. To learn more, visit
www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter
(@FISGlobal).
Forward Looking Statements
This release contains “forward-looking statements” within the
meaning of the U.S. federal securities laws. Statements that are
not historical facts, including statements about anticipated
financial outcomes, including any earnings guidance or projections
of the Company, projected revenue or expense synergies, business
and market conditions, outlook, foreign currency exchange rates,
deleveraging plans, expected dividends and share repurchases, the
Company’s sales pipeline and anticipated profitability and growth,
the outcome of our comprehensive assessment referred to in this
release, as well as other statements about our expectations,
beliefs, intentions, or strategies regarding the future, or other
characterizations of future events or circumstances, are
forward-looking statements. These statements may be identified by
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“will,” “should,” “could,” “would,” “project,” “continue,”
“likely,” and similar expressions, and include statements
reflecting future results or guidance, statements of outlook and
various accruals and estimates. These statements relate to future
events and our future results and involve a number of risks and
uncertainties. Forward-looking statements are based on management’s
beliefs as well as assumptions made by, and information currently
available to, management.
Actual results, performance or achievement could differ
materially from those contained in these forward-looking
statements. The risks and uncertainties to which forward-looking
statements are subject include the following, without
limitation:
- changes in general economic, business and political conditions,
including those resulting from COVID-19 or other pandemics, a
recession, intensified international hostilities, acts of
terrorism, increased rates of inflation or interest, changes in
either or both the United States and international lending, capital
and financial markets or currency fluctuations;
- the outbreak or recurrence of the novel coronavirus and any
related variants (“COVID-19”) and measures to reduce its spread,
including the impact of governmental or voluntary actions such as
business shutdowns and stay-at-home orders in certain
geographies;
- the duration, including any recurrence, of the COVID-19
pandemic and its impacts, including reductions in consumer and
business spending, and instability of the financial markets in
heavily impacted areas across the globe;
- the economic and other impacts of COVID-19 on our clients which
affect the sales of our solutions and services and the
implementation of such solutions;
- the risk of losses in the event of defaults by merchants (or
other parties) to which we extend credit in our card settlement
operations or in respect of any chargeback liability, either of
which could adversely impact liquidity and results of
operations;
- the risk that acquired businesses will not be integrated
successfully or that the integration will be more costly or more
time-consuming and complex than anticipated;
- the risk that cost savings and synergies anticipated to be
realized from acquisitions may not be fully realized or may take
longer to realize than expected;
- the risks of doing business internationally;
- the effect of legislative initiatives or proposals, statutory
changes, governmental or applicable regulations and/or changes in
industry requirements, including privacy and cybersecurity laws and
regulations;
- the risks of reduction in revenue from the elimination of
existing and potential customers due to consolidation in, or new
laws or regulations affecting, the banking, retail and financial
services industries or due to financial failures or other setbacks
suffered by firms in those industries;
- changes in the growth rates of the markets for our
solutions;
- the amount, declaration and payment of future dividends is at
the discretion of our Board of Directors and depends on, among
other things, our investment opportunities, results of operations,
financial condition, cash requirements, future prospects, the
duration and impact of the COVID-19 pandemic, and other factors
that may be considered relevant by our Board of Directors,
including legal and contractual restrictions;
- the amount and timing of any future share repurchases is
subject to, among other things, our share price, our other
investment opportunities and cash requirements, our results of
operations and financial condition, our future prospects and other
factors that may be considered relevant by our Board of Directors
and management;
- failures to adapt our solutions to changes in technology or in
the marketplace;
- internal or external security breaches of our systems,
including those relating to unauthorized access, theft, corruption
or loss of personal information and computer viruses and other
malware affecting our software or platforms, and the reactions of
customers, card associations, government regulators and others to
any such events;
- the risk that implementation of software, including software
updates, for customers or at customer locations or employee error
in monitoring our software and platforms may result in the
corruption or loss of data or customer information, interruption of
business operations, outages, exposure to liability claims or loss
of customers;
- the reaction of current and potential customers to
communications from us or regulators regarding information
security, risk management, internal audit or other matters;
- the risk that policies and resulting actions of the current
administration in the U.S. may result in additional regulations and
executive orders, as well as additional regulatory and tax
costs;
- competitive pressures on pricing related to the decreasing
number of community banks in the U.S., the development of new
disruptive technologies competing with one or more of our
solutions, increasing presence of international competitors in the
U.S. market and the entry into the market by global banks and
global companies with respect to certain competitive solutions,
each of which may have the impact of unbundling individual
solutions from a comprehensive suite of solutions we provide to
many of our customers;
- the failure to innovate in order to keep up with new emerging
technologies, which could impact our solutions and our ability to
attract new, or retain existing, customers;
- an operational or natural disaster at one of our major
operations centers;
- failure to comply with applicable requirements of payment
networks or changes in those requirements;
- fraud by merchants or bad actors; and
- other risks detailed in the “Risk Factors” and other sections
of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, in our quarterly reports on Form 10-Q, in our
current reports on Form 8-K and in our other filings with the
Securities and Exchange Commission.
Other unknown or unpredictable factors also could have a
material adverse effect on our business, financial condition,
results of operations and prospects. Accordingly, readers should
not place undue reliance on these forward-looking statements. These
forward-looking statements are inherently subject to uncertainties,
risks and changes in circumstances that are difficult to predict.
Except as required by applicable law or regulation, we do not
undertake (and expressly disclaim) any obligation and do not intend
to publicly update or review any of these forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221215005524/en/
Kim Snider Senior Vice President FIS Global Marketing and
Corporate Communications 904.438.6278 kim.snider@fisglobal.com
George Mihalos Senior Vice President Head of Investor Relations
904.438.6119 georgios.mihalos@fisglobal.com
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