FIS Board Appoints Stephanie Ferris as President and Chief Executive Officer; Gary Norcross Appointed as Executive Chairman

Rhea-AI Summary

FIS has appointed Stephanie Ferris as President and CEO, effective January 1, 2023. She succeeds Gary Norcross, who transitions to Executive Chairman. Ferris has extensive experience, having led the integration of Worldpay into FIS, significantly exceeding revenue and cost targets. Norcross remarks on the company's growth from $6 billion to $14 billion during his leadership. FIS expects its Q3 revenues and adjusted earnings per share to meet guidance, with more details to be shared in the upcoming earnings call.

Positive

• Appointment of Stephanie Ferris as CEO expected to bring fresh perspectives.
• Norcross's transition to Executive Chairman may provide continuity in leadership.
• Company's revenue growth from $6 billion to $14 billion under Norcross's leadership shows strong performance.

Negative

• Concerns about continuity as Ferris takes over a new role.

Key Facts:

• Stephanie Ferris, current FIS President and 28-year fintech veteran, is appointed to the role of President and CEO effective January 1, 2023.
• Gary Norcross to become Executive Chairman of the Board.

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- FIS^® (NYSE:FIS), a global leader in financial services technology, announced today the appointment of Stephanie L. Ferris as President and Chief Executive Officer (CEO). In addition to her current role as President, Ferris will take over as CEO from Gary A. Norcross who has served as the company’s CEO for the last eight years and Chairman since 2018. Ferris will assume the President and CEO role on January 1, 2023, when Norcross takes on the role of Executive Chairman of the Board. Ferris was also appointed to the FIS Board of Directors.

Stephanie Ferris has been appointed to the role of President and CEO of FIS effective January 1, 2023, succeeding Gary Norcross who will become Executive Chairman of the Board. (Photo: Business Wire)

In her role as FIS President, Ferris has been responsible for steering and executing the company’s global business strategy, including M&A, and its global business operations serving financial institutions, merchants and corporates of all sizes and geographies. A 28-year industry veteran with expertise in payments, technology platform businesses and driving digital transformation, Ferris led the integration of Worldpay into FIS, surpassing both revenue and cost synergy commitments. She has been integral to FIS’ global growth which currently supports more than 14,000 clients in over 100 countries.

“Continually growing and developing FIS leadership talent, including succession planning, has remained a key focus of my agenda with our Board,” stated FIS Chairman and CEO Gary Norcross. “Since joining FIS, Stephanie has continually demonstrated tremendous leadership and bold actions in achievement of our goals. The Board and I are extremely confident in her ability to lead FIS in its next chapter of growth and transformation.”

FIS also announced that Norcross, current CEO and Chairman of the Board of Directors, will assume a new full-time role as Executive Chairman of the Board. Under Norcross’ leadership, FIS has delivered consistent and profitable financial performance growing from a $6 billion business to the $14 billion global business it is today. During his tenure as CEO, FIS became the first in the industry to leverage cloud technologies at scale, launch an enterprise-wide modernization initiative leveraging component-based API architectures and is driving the future of real-time and digital experiences. The company has also continually received prestigious recognition, including being named for consecutive years to the Fortune World’s Most Admired Companies and Fast Company’s 100 Best Companies for Innovators and ranked consistently among the industry’s leading financial technology providers, including the No. 1 position in the annual IDC Financial Insights FinTech Rankings for 9 of the last 12 years.

“I am honored to have led such a talented and dedicated team of colleagues and work with such an impressive and high-quality group of clients. Over the years, we’ve grown into the largest financial technology provider in the world by successfully helping our clients anticipate, navigate and harness wave after wave of technological change to take advantage of growth opportunities in their markets, advancing the way the world pays, banks and invests. I couldn’t be more pleased with Stephanie moving into this position,” said Norcross. “Under her leadership, I am confident that FIS will remain focused on delivering meaningful experiences to our colleagues, clients and communities and strong value to our shareholders.”

Commenting on her appointment, Ferris stated, “I am incredibly honored to assume the CEO role from Gary and sincerely appreciate his partnership and mentorship. Few companies can match FIS’ rich, stellar history, industry-best breadth and scale, and focus on innovation. We are uniquely positioned to chart the course for fintech innovation, and thanks to the confidence placed in me by Gary and FIS’ Board of Directors, I’m incredibly excited to lead the company into its future.”

FIS Lead Independent Director, Jeffery Goldstein, commented, “Under Gary’s leadership and in partnership with the FIS Board, we have worked closely together for several years to develop and implement a thoughtful and strong CEO transition plan. Gary has been a tremendous leader for FIS, steering the company to many industry milestones and a position of strong market leadership. FIS is well positioned to continue leading the trajectory of fintech innovation under Stephanie’s leadership, and the Board is looking forward to a continued strong partnership with Gary and Stephanie in their new roles.”

Preview of Anticipated Q3 Results

Previewing its third quarter results, FIS expects revenues and adjusted earnings per share to be within its Q3 guidance range with revenue at the mid-point of the range and adjusted earnings per share to be at the low-end of the range. Management will provide more details on its Q3 and Q4 expectations, as well as more details about its forward-looking strategy in its upcoming Q3 earnings call.  

About FIS

FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.

To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

View source version on businesswire.com: https://www.businesswire.com/news/home/20221018005450/en/

Kim Snider, +1 904.438.6278

Senior Vice President

FIS Global Marketing and Communications

kim.snider@fisglobal.com

George Mihalos, +1 904.438.6119

Senior Vice President

FIS Investor Relations

georgios.mihalos@fisglobal.com

Source: Fidelity National Information Services

FAQ

Who is the new CEO of FIS?

Stephanie Ferris is appointed as the new CEO of FIS effective January 1, 2023.

What role will Gary Norcross take after stepping down as CEO?

Gary Norcross will become the Executive Chairman of the Board.

What is the expected impact of the CEO transition on FIS's performance?

The transition aims to maintain continuity and leverage Ferris's experience to support ongoing growth.

When will FIS announce its Q3 results?

FIS will provide details on its Q3 results during the upcoming earnings call.

How has FIS performed financially under Gary Norcross?

Under Norcross, FIS grew from a $6 billion to a $14 billion business, showcasing robust financial performance.