FIS commences comprehensive assessment, adds new Independent Director to Board

FIS’ incoming CEO and Board of Directors have initiated a comprehensive assessment of the company’s strategy, businesses, operations and structure with the goal of positioning the company to drive stronger results, increase shareholder value and enhance client services. This comprehensive assessment will focus on identifying and optimizing incremental revenue generation, margin improvement and cost reduction opportunities. The review will also evaluate FIS‘ business structures and portfolio of assets. The company has not set a specific deadline or timetable for its completion. The Board has approved the appointment of a new independent director, Mark Ernst, to the Board. Jeffrey Stiefler and Keith Hughes will be retiring from the Board at the 2023 Annual Meeting. The company is also implementing a new Board leadership structure featuring an Independent Chairman of the Board. The company has entered into a cooperation agreement with the D. E. Shaw group, pursuant to which the D. E. Shaw group has agreed to customary standstill, voting and other provisions. This announcement also reflects discussions with JANA Partners, a shareholder of the company. Mark Ernst currently serves as Managing Partner at Bellevue Capital, a private investment firm, since 2018. From 2011 to 2018, Ernst served as Executive Vice President and Chief Operating Officer of Fiserv.