FISV - Quick Take - CEO Change, Mike Lyons Out & Takis Georgakopoulos In

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FISV - Quick Take - CEO Change, Mike Lyons Out & Takis Georgakopoulos In

Truist Securities

Equity Research Report June 15, 2026

TMT: Payments Fiserv, Inc. (FISV)

FISV - Quick Take - CEO Change, Mike Lyons Out & Takis Matthew Coad, CFA

404-836-6014 Georgakopoulos In

Matthew.Coad@truist.com

Cameron MacLeod This morning it was announced that Fiserv's now former CEO, Mike Lyons, resigned

212-590-0927 from his roles at Fiserv effective immediately last Friday to become Truist's (TFC,

Cameron.MacLeod@truist.com NR) next President and CEO. This news likely comes as a surprise to Fiserv's

shareholders as Mr. Lyons just led Fiserv's Investor Day in NYC last month and

Lucas Ramadan had only been in his position as the company's CEO for about a year. While we

212-326-4709 believe that Mr. Georgakopoulos is well-positioned to lead Fiserv, there could be

Lucas.Ramadan@truist.com some near-term uncertainty and investor questions including: 1) Will the turnover

lead to worsening client relationships and/or retention issues?, 2) Can YoY revenue

growth in 2H26 actually accelerate ~10ppts vs. 1H26?, and 3) Will Fiserv need to

reset its medium-term guidance lower? to name a few. These questions are resulting

Current Price (Jun. 12, $53.78 in multiple compression today with the stock down ~11% at time of writing; and, 2026)

on our estimates, Fiserv is still trading at 10x EV / 2027 uFCF despite the recent

Stock Rating HOLD underperformance. We believe the bears would likely argue that this is not a cheap

Unchanged enough multiple given all of the aforementioned uncertainty and the recent de-rating

of the FinTech space more broadly. We maintain our Hold rating.

Price Target $58.00

Unchanged What Happened? On Monday morning (6/15), Fiserv announced that Mike Lyons has