Key facts
- Activist investor Jana Partners has urged Fiserv to conduct a formal review of its entire portfolio.
- Jana also called for new board members to address governance issues.
- Fiserv's stock has fallen by more than half in the last 12 months.
- Fiserv's CEO, Mike Lyons, is leaving to lead Truist Financial Corporation.
- Jana has a history of pushing for portfolio changes at financial companies.
Activist investor Jana Partners is intensifying its pressure on payments company Fiserv, urging the company to undertake a comprehensive review of its entire portfolio rather than pursuing piecemeal asset sales. In a letter seen by Reuters, Jana's managing partner Scott Ostfeld also called for new directors to address governance issues and attract better executive talent.
Fiserv, with a market value of nearly $30 billion, has seen its stock price decline by more than half over the past year, closing at $55.63 on Wednesday. The recent announcement that CEO Mike Lyons would depart after one year to lead Truist Financial Corporation has further impacted the stock. Jana attributed investor skittishness to management turnover and ongoing missteps.
Jana, which has been invested in Fiserv since late 2025, praised the company's reported consideration of selling its debit network assets but emphasized the need for a public announcement of a broader strategic review to restore investor credibility and boost the stock price. Preliminary discussions for the potential sale of Fiserv's debit network assets have reportedly involved major banks like JPMorgan Chase and Bank of America, though no deal has been announced.
Fiserv has previously engaged in smaller strategic moves, including forming a joint venture to spin off its ATM managed services and selling its Education Solutions business. Jana, known for its experience in improving financial sector companies, believes Fiserv can help banks adopt AI tools, citing a recent collaboration with OpenAI. Jana's previous successes include pushing competitor Fidelity National Information Services to separate its Worldpay business. The hedge fund is currently advocating for a share buyback and breakup at Markel Group and a sale of Alkami Technology.