CEO Departure Adds Uncertainty to Already Scrutinized Targets

Research evidence excerpt

CEO Departure Adds Uncertainty to Already Scrutinized Targets

Update

June 15, 2026 06:15 PM GMT

Morgan Stanley & Co. LLCMFiserv Inc. | North America James E Faucette

Equity Analyst

CEO Departure Adds James.Faucette@morganstanley.comMeryl R Thomas, CFA +1 212 296-5771

Research Associate

Meryl.Thomas@morganstanley.com +1 212 761-0774

Uncertainty to Already Michael N Infante

Michael.Infante@morganstanley.com +1 212 761-4631

Scrutinized Targets Shefali Tamaskar

Shefali.Tamaskar@morganstanley.com +1 212 761-4948

What happened: Fiserv announced that Mike Lyons resigned as CEO and as a

member of the Board of Directors, effective June 12, after approximately 13 months Fiserv Inc. (FISV.O, FISV US)

in the role. Takis Georgakopoulos, who joined Fiserv in late 2024 and most recently Payments and Processing | United States of America

served as Co-President, Head of Merchant and Technology, has been appointed CEO Stock Rating Equal-weight

Industry View Attractive

effective June 14. Management has reaffirmed its full-year 2026 outlook, continuing Price target $65.00

to guide for organic revenue growth of 1%–3% and adjusted EPS of $8.00–$8.30 Shr price, close (Jun 12, 2026) $53.78

Mkt cap, curr (mm) $28,748

52-Week Range $177.36-51.78

Departure adds to uncertainty; New CEO provides some continuity and has

shown early success within Merchant. Importantly, we have begun to see early

signs of improvement in customer satisfaction and switching intentions for Fiserv/

Clover in our annual SMB Survey under Georgakopoulos's leadership (see Exhibit

1 and Exhibit 2 below). Still, we view Mike Lyons’ departure from Fiserv as another

layer of uncertainty for the company during an already important execution period.

While the transition is unexpected given Lyons’ short tenure, the appointment of