Payments Execs Head into Government As Fiserv And Shift4 CEOs Are Nominated for Key Federal Roles

President-elect Donald Trump has nominated Fiserv Inc. chief executive Frank Bisignano to be the next commissioner of the Social Security Administration, headquartered in Woodlawn, Md. The move follows by a day news that Trump has named Jared Isaacman, founder and chief executive of Shift4 Payments Inc., a Fiserv rival, to run NASA. Both moves come as the incoming administration taps private-sector talent as it looks to take over in January.

Bisignano said early Thursday he expects to run Fiserv at least until February. “The timing is in months. I’ll be on the next [quarterly] earnings call,” he told equity analysts on a hastily arranged group call. He added he is “maniacally focused” on running the Milwaukee-based processing giant for the coming months. If confirmed by the Senate, Bisignano, 65, will be running an entity with some 60,000 employees, compared to the headcount of 42,000 at Fiserv. “I never had any aspiration to be in government,” he said during the call. “I love my job and what we’re doing here [at Fiserv].”

Bisignano went on, however, to say he feels he “is doing what’s right for the country,” though he added his new role is “not a glamor job.” He added he plans to be as assertive in running the agency, which administers retirement and other benefits for millions of Americans, as he has been in directing Fiserv. He took over as CEO in July 2020 following the company’s acquisition of First Data Corp., where he was serving as CEO. The SSA “has never had an operator in charge,” he noted. “I call myself an operator.”

Bisignano assured the analysts Fiserv has a succession plan, without going into detail, though the company will not make any announcements until Bisignano is confirmed. “I don’t have a date [for leaving]. I love this company. This is somewhat emotional for me,” he said.

Still, he assured the analysts the company intends to deliver on its earnings forecast. “I wanted to have this call so you can hear my voice,” he said. Fiserv in October reported September-quarter revenue of $4.9 billion, up 7% year-over-year. Its popular Clover point-of-sale technology processed $311 billion in transactions during the period, a 15% increase, while revenue for the product grew 28%.

“We’re in very good shape and expect to deliver on our 2024 commitments as well as medium-term commitments,” chief financial officer Bob Hau assured the analysts on the call.

In related news, Isaacman, 41, also awaits Senate confirmation for his new role at NASA. He founded the predecessor company to Shift4 before he was 20 and has built the Center Valley, Pa.-based company into a major payments-technology provider. His interest in aeronautics and space flight has led to an association with Elon Musk’s SpaceX, which in September gave Isaacman a chance to try out the company’s new space-walking suits during a flight. Musk this week took to X to congratulate Isaacman on his nomination.

If confirmed, Isaacman will take over from former Democratic Senator Bill Nelson and will be responsible for NASA’s $25-billion budget.