MILWAUKEE - Fiserv (NYSE:FI), Inc. (NYSE: FISV), a prominent provider of financial services technology solutions, has announced the appointment of Takis Georgakopoulos as Senior Advisor, Executive Vice President, and member of the Management Committee, starting September 3, 2024.
With a distinguished career in the financial sector, Georgakopoulos brings to Fiserv his expertise in payment solutions and merchant services. His most recent role was Global Head of Payments at J.P. Morgan, where he managed the business's technology, product, sales, and operations. Georgakopoulos's prior experience includes a partnership at McKinsey & Company, where he guided major banks and asset managers and contributed to leading the firm’s Asset Management practice.
Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv, expressed confidence in Georgakopoulos's ability to enhance client outcomes and advance technology across the company. Bisignano emphasized the value Georgakopoulos's leadership and operational experience will add to the Fiserv team as they continue to prioritize client value and invest in their offerings and workforce.
Georgakopoulos has held several leadership roles at J.P. Morgan since 2007, including positions on the company’s Operating Committee and as head of J.P. Morgan Payments. His tenure at J.P. Morgan also saw him as head of Strategy and Chief of Staff for the Corporate & Investment Bank, as well as Chief Financial Officer and global head of MNC Coverage at J.P. Morgan’s Global Corporate Bank. His career began at McKinsey & Company, where he advised major financial institutions in the U.S. and Europe.
He holds an undergraduate degree in Computer Science and an MA in Mathematics of Finance from Columbia University, along with a Ph.D. in Mathematical Economics from the National Technical University of Athens. Georgakopoulos is also a board member at Columbia University’s Neuroscience Institute and Business School.
Fiserv is a Fortune 500 company and an S&P 500® Index member, recognized for its contributions to the financial technology sector, including its Clover® cloud-based point-of-sale system. The company has a reputation for innovation and excellence, earning a spot among Fortune® World’s Most Admired Companies™ for nine of the past ten years.
This announcement is based on a press release statement from Fiserv, Inc.
In other recent news, Fiserv, Inc. reported a significant 19% year-over-year increase in adjusted earnings per share (EPS) to $1.88, along with a 20% organic revenue growth for the first quarter. Following these strong results, Fiserv revised its adjusted EPS outlook for the year to a range of $8.60 to $8.75.
Wells Fargo initiated coverage on Fiserv shares with an Overweight rating, citing the company's successful execution of mergers and acquisitions and its high free cash flow conversion. Analyst firms BMO Capital and Baird also responded positively to these developments, revising their price targets for Fiserv to $168 and $186, respectively.
In other recent developments, Thomas Kean Jr. acquired shares in Fiserv through the Kean Family Partnership. Furthermore, Fiserv's Merchant Solutions Segment reported a 36% organic revenue growth, driven by the success of the Clover platform. The company also announced the upcoming launch of Cash Flow Central, which will be distributed through Clover. These facts highlight recent developments in Fiserv's performance and the positive outlook from various analysts.
InvestingPro Insights
As Fiserv, Inc. (NYSE: FISV) welcomes Takis Georgakopoulos to its executive team, investors and market watchers are closely observing the company's financial health and stock performance. With a market capitalization of $87.89 billion and a forward-looking approach, Fiserv remains a significant player in the financial technology space. The company's P/E ratio stands at 27.91, indicating investor confidence in its earnings potential relative to its share price.
Analyzing the company's recent financial data, Fiserv has demonstrated a solid revenue growth of 7.07% over the last twelve months as of Q1 2024, with a gross profit margin of 60.52%, underscoring its ability to maintain profitability while expanding its operations. Furthermore, the company's operating income margin of 26.2% highlights efficient management and operational effectiveness.
InvestingPro Tips suggest that Fiserv's management has been actively engaging in share buybacks, which can often signal leadership's belief in the company's undervalued stock and future growth prospects. Moreover, the company is trading at a low P/E ratio relative to near-term earnings growth, which may attract value-oriented investors. With analysts predicting profitability for the current year, Fiserv's strategic moves could be well-timed to leverage Georgakopoulos's expertise in payment solutions and merchant services.
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