Why Fiserv Plunged Today
Fiserv announced an abrupt CEO change, just one month after its investor day.
Why Fiserv Plunged Today
Overview
Shares of Fiserv (NASDAQ: FISV) plunged on Monday, falling 11.3% as of 3:26 p.m. The decline was all the more notable since the broader markets were up in the wake of the past weekend's deal between the U.S. and Iran.
Fiserv announced that its CEO, Mike Lyons, had accepted another role as CEO of Truist Securities (NYSE: TFC) and would be leaving the company. The company also reiterated Fiserv's full-year guidance.
Details
Lyons, who had only been on the job for about a year and a half, was the driving force behind Fiserv's turnaround plan. Therefore, investors took his leaving as a sign that things might not be going so well on that front. However, with an activist investor involved in Fiserv's story, things may be more complicated.
Source
Originally published at www.fool.com.
