New CEO tapped by First Data

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Posted: Monday, April 29, 2013 12:00 am

First Data's 5,000 Omaha employees have a new boss.

A chief operating officer of the nation's largest bank, JPMorgan Chase, will take the helm of Atlanta-based First Data, the nation's largest processor of credit and debt card transactions, the company said Sunday.

Frank Bisignano, 53, succeeds Jon Judge as CEO, who announced in January that he would retire early for health reasons.

Bisignano was co-chief operating officer of JPMorgan Chase, where he oversaw global technology, real estate, operations, security and regulatory control, among other functions. Before joining JPMorgan Chase, Bisignano was CEO for Citigroup's Global Transactions Services business from 2002 to 2005.

“Frank is the ideal CEO for First Data and having an executive of his caliber is exactly what we need to continue and grow our leadership role in payment processing globally,” said Joe Forehand, chairman of First Data's board.

Bisignano said technological advances are changing the payments industry.

“First Data can and should lead the way when it comes to offering the most innovative solutions and service,” he said.

First Data laid off 60 workers in Omaha on Wednesday as part of a restructuring of its financial services business, one of three segments.

The company has a worldwide employee base of about 24,000, down from about 29,000 in 2007, when First Data was acquired by private equity firm Kohlberg Kravis Roberts & Co. First Data went from profits of more than $1 billion to a net loss in each of the past five years, including a loss of $701million in 2012 on revenue of $10.7billion.

First-quarter results will be released Tuesday.

Contact the writer: 402-444-1336, barbara.soderlin@owh.com

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