Dive Brief:

• Payment processor Fiserv appointed Michael Lyons as CEO on Tuesday, replacing Frank Bisignano, who will become commissioner of the Social Security Administration.
• The U.S. Senate approved Bisignano's nomination to lead the Social Security Administration on a party-line 53-47 vote Tuesday, with all Republicans voting in favor and all Democrats voting against. President Donald Trump selected Bisignano for the role in December.
• Fiserv also named Doyle R. Simons, who has served as lead independent director on its board, as non-executive chairman, according to a news release posted on Fiserv’s website minutes after the Senate vote. “Together with my fellow board members, we look forward to working with Mike and the entire management team as they continue to drive growth, innovation, and industry leadership,” Simons said in the release.

Dive Insight:

Before joining Fiserv in January as president and CEO-elect, Lyons was most recently president of PNC Financial Services Group, a position he took last year. Prior to that he was an executive vice president and the head of corporate and institutional banking at PNC, a post he held for about 12 years, his LinkedIn profile says. 

Bisignano became Fiserv's CEO in 2020. He took that role after serving as CEO of rival First Data, a position he held when that company was acquired by Fiserv in 2019. Before joining First Data, he worked for JPMorgan Chase, where he was promoted to co-chief operating officer in 2012.

During a confirmation hearing on his nomination to lead the SSA, the outgoing CEO faced intense questioning from Senate Democrats over his ties to the Department of Government Efficiency (DOGE), an agency with the contentious goal of making deep cuts in government spending. A March 24 whistleblower report accused Bisignano of personally intervening to place a DOGE staffer at the Social Security Administration who allegedly was given access to Americans' personal information.

Sen. Ron Wyden, Democrat of Oregon, contended that Bisignano lied about the whistleblower report. “When pressed on it during his confirmation hearing, he lied to me and the Committee, saying he had no direct involvement with DOGE,” Wyden said in a floor speech ahead of the Senate vote.

While Bisignano did not directly answer questions about protecting Social Security benefits from cuts or opposing the privatization of Social Security during his March confirmation hearing, he did provide a guarantee that he would preserve the safety net program.

About 73 million Americans receive Social Security benefits that are available for those who are disabled or at least 62 years old.