Fiserv has appointed PNC executive Michael P. Lyons to assume outgoing CEO Frank Bisignano's role, bringing a longtime bank executive into the world of technology sales, and leaving an empty seat on the Pittsburgh-based financial institution's talent bench.
Lyons will become president and CEO-elect of Fiserv, effective Jan. 27. He will report to Bisignano until June 30, or upon Bisignano's earlier Senate confirmation as commissioner of the Social Security Administration for the Trump administration. The move changes succession planning for PNC, which had viewed Lyons as a top candidate to eventually replace CEO William Demchak.
"While this looks like a great opportunity for Mr. Lyons, we consider it a loss for PNC," said an analyst note from Piper Sandler on Thursday. "Lyons is well-known to investors, and he is extraordinarily highly regarded. To that end, PNC had a
When Lyons becomes CEO, Doyle R. Simons, currently lead independent director of Fiserv, will become nonexecutive chairman of the board.
"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 with this remarkable set of assets developed by Frank and the Fiserv management team," Lyons said in a release.
PNC's loss
, where he led all of the bank's lines of business. He was also executive president and head of corporate and institutional banking at PNC, helping lead the bank's acquisitions, including BBVA in 2021.
When Lyons was named to his current position, he succeeded Demchak as PNC's president. At the time, analysts referred to Lyons as a "highly regarded executive" and said the promotion "will solidify in investors' minds the impression" that Lyons would succeed Demchak.
Piper Sandler's Thursday note suggested Lyon's departure is a surprise, but the bank does have a deep talent bench and until last year had operated without a president.
"We view today's news as an unfortunate curve ball that generates some unlooked-for uncertainty," Piper Sander said. "But there is plenty of runway for PNC to answer the succession question and telegraph it to the market with time to spare."
In an analyst note, RBC Capital Market said the firm has assumed Lyons was the heir apparent to Demchak, and Lyons' departure "throws out" that assumption. PNC did not comment on Lyons' move to Fiserv.
Fiserv's next steps
Fiserv went outside the company to replace Bisignano, a financial technology veteran who has led projects at large enterprises for years.
Bisignano has been CEO of Fiserv since 2022, assuming the top job following Fiserv's
At First Data, Bisignano oversaw a technology-driven recovery from an earnings slump in the early 2010s. A key part of that strategy was
In addition to his role at PNC, Lyons was also chair of Early Warning Services, which owns and operates the bank-led payment app Zelle and its related mobile wallet Paze.
Lyons' other experience includes global head of corporate development and strategic planning for Bank of America, where he was responsible for managing the bank's balance sheet, mergers and acquisitions, private equity and investor relations. Before Bank of America, Lyons was a portfolio manager at Maverick Capital, where he focused on financial institutions globally.
Lyons is a banker at heart, which gives him immediate credibility with financial institutions, but he will be stepping into a high-pressure vendor sales culture at Fiserv, an environment that can be tough for outsiders to navigate, said Richard Crone, a payments consultant: "Adapting to Fiserv's sales-focused environment can be challenging for those coming from a traditional banking background."
In contrast, Frank Bisignano's proven track record of bridging retail and banking priorities was honed through his leadership at First Data and Fiserv, where he successfully modernized legacy infrastructure and integrated cutting-edge technology, according to Crone. "With the First Data acquisition, Fiserv now serves retailers just as prominently as it serves banks, and Lyons will have to earn the trust of merchants," Crone said.
