Until the CEO is removed along with the entire executive leadership team and replaced with people who are competent and who know how to run a company of this size, nothing will change. The ELT is the source of all of our issues. I can't figure out how they can continue to sc--w up so badly and nobody is even trying to replace them. They need to go!
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Get real the leadership team under Frank saved 20,000 employees and their jobs. He and his leadership team were able to turn around a company that 5 others CEO’s and leadership teams were not able to do so…and yes that was great for KKR’s investment.
Those are the facts.
Does he have to buy a house in Malibu? Or was that just a one time thing?
Here is an interesting article on First Data's journey from KKR buyout in 2007 to IPO in 2015. Frank joined FD in 2013.
https://www.forbes.com/sites/antoinegara/2015/10/15/first-data-ipo-nyse-frank-bisignano-kkr-private-equity/?sh=63bdaad04435
Here is the most interesting part:
"During Bisignano's tenure First Data has also re-tooled its top ranks. Some two-thirds of First Data's top 100 employees were recruited since Bisignano arrived, and fourteen out of fifteen members of First Data's management committee have been appointed by Bisignano."
Sound familiar? Horvath is done for.
The massive debt came from the hostile takeover by KKR. It didn’t exist when FDC was trudging along pre-2007 with single-digit growth each year. KKR the watched it all implode during the financial crisis. They brought Frank in to “fix” things in 2013 and he made it worse. The only way out was to be bought, although Frank prefers the term merger because it doesn’t sound as much like failure. Then they paid off Jeff and started taking the new-found bag of money from Fiserv. Another “merger” seems likely if only to find new cash reserves to plunder.
"So when we were told to be excited about Fiserv buying FD it was all a bunch of propaganda just as I thought?"
Yeah, pretty much.
So when we were told to be excited about Fiserv buying FD it was all a bunch of propaganda just as I thought? And people thought the Checkfree merger was difficult. I miss those days.
Look at the debt chart here: https://www.macrotrends.net/stocks/charts/FISV/fiserv/debt-equity-ratio
The debt exploded to over 20B in 2019 with the First Data merger. But apparently, the debt to equity ratio is manageable. I dunno. High debt makes a corp more fragile, particularly in a macro environment with increasing discount rates.
FIS, for instance, has a much lower debt to equity ratio. https://www.macrotrends.net/stocks/charts/FIS/fidelity-national-information-services/debt-equity-ratio
The massive debt came from when first data rolled in. So yeah. It’s Frank. And yeah how long do we have to wait for this clown to leave ? This is the worst ever. Everyone around us getting let go.
Why do you want to ki-l billgo :-). They are awesome and kicking Fiserv’s a-s with people they fired. Karma bi--h
Almost like bragging about share buybacks is a bad thing.
I haven't heard anyone talk about it recently but Fiserv's massive debt (which is now the size of a dwarf star) is the biggest source of job elimination. Fiserv is overleveraged and now they are forced to get rid of people including people they actually need. I don't believe it would matter who is the CEO, their hands are tied at this point. What will happen at Fiserv when corporate bond rates rise as rates are set to rise later this year? How many more jobs will be lost as Fiserv tried to stay ahead of the debt service?
"And what would you do differently?"
- Buy BillGo out of Colorado
- Buy Q2
- GET OUT of the data center business - outsource all data center functions through whomever gives us the best deal (AWS, Google, etc)
- Sunset obsolete offerings, pronto
- Drive to automation in implementations
- Streamline the nonbillable workforce at a reasonable rate (1-3% per year)
- In-source some support and development to poorer, red-state areas and reap the PR bonanza
- Aggressively push WFH as a 'sustainable' goal. Publish aggregate amount of CO2 and car trips removed from the road every year as a result of this forward thinking policy.
- If we do have offices, keep offices in low-tax, affordable, red-state metro areas. (see #7) NJ is off the table completely.
We all know the ship began to sink when frank took the reigns. The man is incompetent and clearly does not know how to run a company. Ki----g morale with mass layoffs and "orders" to work in an office isn't leadership.
Bail now while you can....
And what would you do differently?