Financial News Release
|First Data Names Frank Bisignano Chief Executive Officer|
JPMorgan Chase Co-COO with Outstanding Operating Record Managing
ATLANTA, April 28, 2013 – The Board of Directors of First Data Corporation, a global leader in electronic commerce and payment processing, today announced that Frank Bisignano has been named chief executive officer (CEO), effective April 29, 2013. He will also join the First Data board of directors concurrent with his appointment.
“First Data has an impressive customer-centric business and I look forward to joining the team and building on our strong partnerships with customers,” said Frank Bisignano. “New technological advances are impacting the payments industry every day, making life easier for our partners, our merchants and consumers. First Data can and should lead the way when it comes to offering the most innovative solutions and service.”
Prior to the appointment, Bisignano most recently served as Co-Chief Operating Officer of JP Morgan Chase &Co. (“JPMorgan Chase”), one of the largest providers of banking, lending, treasury, wealth management and investment services that serves 50 million customers, including consumers, small businesses, mid-size companies, corporations, financial institutions, nonprofits and governments. In this role, his responsibilities included overseeing global technology, real estate, operations, procurement, compliance, regulatory control and oversight, resiliency, security and safety, and general services for all of JPMorgan Chase's businesses in over 60 countries. He also served on the executive and operating committees of JP Morgan Chase.
During the housing crisis, Bisignano had the additional responsibility of serving as CEO of Mortgage Banking, leading a business that originates more than $155 billion in home loans annually. Under Bisignano’s leadership, the unit, the third-largest mortgage servicer, rose to become the second largest originator of mortgages globally and both revenues and customer satisfaction improved dramatically.
Bisignano succeeds Ed Labry who has been serving a dual role as both president of Retail and Alliance Services and Interim CEO since Jan. 28, 2013. Labry will continue in his role as president of Retail and Alliance Services.
Biographical Highlights of Frank Bisignano
Prior to JPMorgan Chase, Bisignano was the chief executive officer for Citigroup's Global Transactions Services business and a member of Citigroup's Management Committee. Under his leadership (from 2002–2005), Global Transaction Services' revenue grew to $6 billion from $4 billion annually. Bisignano was also the Chief Administrative Officer for Citigroup's Corporate and Investment Bank, a senior executive vice president and Citigroup's firm-wide deputy head of technology and operations. He held this post during the 9/11 crisis and is credited with creating and executing Citigroup's successful business continuity plan, which involved relocating 16,000 employees displaced by the loss of 1.3 million square feet when the 7 World Trade Center building was destroyed. At Smith Barney, he helped lead and integrate the firm’s series of strategic acquisitions that led to the formation of Citigroup. Prior to his career at Citi, Bisignano worked at First Fidelity Bank from 1990-1994. During that company's turnaround, he was an executive vice president overseeing technology and operations, and later served as chief consumer lending officer.
About First Data
Chip Swearngan, First Data