Frank Bisignano has signed a new contract that will keep him as the chief executive officer of Fiserv Inc. through at least December 2027.
Bisignano joined the currently Brookfield-based financial technology company in 2019 as part of its acquisition of First Data. He was named CEO in July 2020 and became chairman in May 2022.
Fiserv recently announced plans to move its headquarters from Brookfield to downtown Milwaukee after considering a move for years. The roughly $37 million investment by the company is receiving $7 million in support from the city of Milwaukee through tax incremental financing and could also receive additional state tax incentives.
“I look forward to the ongoing successful execution of our winning strategy, which is already demonstrating strong results and momentum,” Bisignano said. “With our robust platform of solutions, leading technology, and the best talent, Fiserv will continue to deliver for our shareholders, clients and associates in a dynamic market.”
The employment agreement Bisignano entered into with Fiserv when he joined the company in 2019 included an initial two-year term. When he was named CEO, the contract was extended through July 2025.
The new deal will run through December 2027 and then automatically renew annually unless the company or Bisignano decide to end it.
“With a deep commitment to clients and a proven track record of execution, Frank has been a driving force in the growth and global technology leadership at Fiserv,” said Doyle Simons, lead independent director of Fiserv’s board. “Frank’s continued leadership enables us to create further value for our shareholders by delivering growth through innovation and discipline.”
Bisignano will have a base salary of $1.4 million starting in 2023, up from $1.32 million. He is also eligible for an annual cash incentive of at least $2.5 million and equity awards consistent with Fiserv’s incentive plans.
The contact also continues to allow Bisignano reasonable non-exclusive use of Fiserv’s private aircraft for personal travel and the use of a car and driver.
In 2021, Bisignano used the company aircraft for $101,389 worth of personal travel and company provided transportation and security for another $160,300 worth of personal use.
His total compensation in 2021 was nearly $20.4 million, primarily made up of stock awards.