FIS To Begin Assessment Of Strategy, Businesses, Operations And Structure

(RTTNews) - FIS (FIS) announced that its incoming CEO and Board have initiated a assessment of the company's strategy, businesses, operations and structure. This assessment, which will be led by Ms. Ferris and the FIS Board, will focus on identifying and optimizing incremental revenue generation, margin improvement and cost reduction opportunities. The review is a priority for the Board and the management team.

The company's Board has approved the appointment of a new independent director, Mark Ernst, to the Board.

The company has also entered into a cooperation agreement with the D. E. Shaw group, pursuant to which the D. E. Shaw group has agreed to customary standstill, voting and other provisions.

Separately, FIS announced it will transition to an independent Board Chair structure. Jeffrey Goldstein, Lead Independent Director of the FIS Board, has been appointed as Independent Chairman, effective December 16, 2022.

Stephanie Ferris, previously announced as incoming Chief Executive Officer, will succeed Gary Norcross effective December 16, 2022. Norcross will depart from the Board of FIS on the same date.