As part of its recent quarterly report, Fiserv announced that long-standing CEO Jeff Yabuki would be transitioning to Executive Chairman, to be replaced by COO and ex-CEO of First Data, Frank Bisigano. Fiserv snapped up First Data in 2019 as part of an industry wide push to combine bank and merchant technology and this deal, in the current downturn having increased their exposure to digital payments, has worked well. Despite Bisigano having deep experience in the space, the market seemingly did not like Yabuki stepping back, and the announcement overshadowed news that the cost synergies from the deal would be a massive $1.2bn, rather than the $900m first guided. Fiserv sits in between banks and merchants, and provides technology that is more critical than ever. In a normalised economy the top line has achieved mid-single digit organic revenue growth which drops down some ripe looking EPS growth. Longer-term the company has a huge opportunity to meet the needs of many banking and credit organisations as they allocate budgets to internet banking, security and payments. Yes, the management is evolving, but so too the business. Like any business and the sustainable structural tailwinds of digital payments persist.