Fiserv Appoints PNC Veteran Michael Lyons as President and CEO-Elect

Fiserv has appointed Michael P. Lyons, former president of PNC Financial Services Group, as its president and CEO-elect, effective Monday (Jan. 27).

Lyons will become CEO and a member of its board of directors when Fiserv Chairman and CEO Frank Bisignano leaves those roles on June 30 or when he is confirmed by the U.S. Senate as the commissioner of the Social Security Administration, Fiserv said in a Thursday (Jan. 23) press release.

Until then, Lyons will report to Bisignano, according to the release.

“The Board engaged in a robust search to find a leader with the right blend of industry depth, strategic vision and a proven track record of delivering operational excellence and superior results,” Doyle R. Simons, lead independent director of Fiserv, said in the release. “We are confident that Mike is the right choice to guide Fiserv into the next chapter of unrivaled innovation and service to financial institutions, businesses and communities around the world and continue to drive shareholder value.”

At the time Lyons becomes CEO, Simons will become non-executive chairman of the board.

When Lyons was president of PNC, he led all of the company’s lines of business, according to the release. In other roles at the company, Lyons played a significant role in PNC’s acquisition of BBVA USA in 2021 and other strategic acquisitions.

Before joining PNC, Lyons held leadership roles at Bank of America, in which he helped reposition the bank’s balance sheet, drive its growth strategy, and lead mergers and acquisitions, the release said.

Lyons currently serves as chair of Early Warning Services, the owner and operator of Zelle and Paze, per the release.

Speaking of his new roles at Fiserv, Lyons said in the release: “I have known the company for a long time as an investor, banker and technology service provider and look forward to advancing Fiserv’s 40-year track record of success with this remarkable set of assets developed by Frank and the Fiserv management team.”

President Donald Trump announced his pick of Bisignano to be commissioner of Social Security in a Dec. 4 post on Truth Social.

“Frank is a business leader, with a tremendous track record of transforming large corporations,” Trump said in the post. “He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”