Infotech Lead America: First Data Corp., a provider of electronic commerce and payment processing solutions, has appointed Frank Bisignano as chief executive officer (CEO) of the company.
He will also be a member of the First Data board of directors.
Prior to his appointment, Frank Bisignano served as co-chief operating officer of JP Morgan Chase where he was responsible for overlooking the company’s operations in global technology, real estate, procurement, compliance, regulatory control and oversight, resiliency, security, safety and general services for all of JPMorgan Chase’s businesses in over 60 countries. He was also a part of the executive and operating committees of JP Morgan Chase.
Bisignano served as CEO of Mortgage Banking, leading a business that originates more than $155 billion in home loans annually. Under Bisignano’s leadership, the unit became the second largest originator of mortgages globally. The company’s revenues and customer satisfaction improved dramatically.
Under his leadership, JP Morgan Chase also moved up in the rankings to become the top large bank in both mortgage originations and mortgage servicing. During the housing crisis, he was one of the chief architects of the 2012 mortgage settlement that helped get the housing market back on track.
“Frank has a proven track record of catalyzing positive change on a global business operating in a dynamic industry. At Citigroup, he built – from the ground up – the largest transaction services business in the world and oversaw the largest technological and operations businesses in the financial services industry,” said Joe Forehand, chairman of the board of First Data.
Bisignano succeeds Ed Labry who has been serving in the capacities of president of Retail and Alliance Services and Interim CEO since Jan. 28, 2013. Labry will continue to serve as president of Retail and Alliance Services.
First Data reported a consolidated revenue of $2.8 billion, up by 3 percent in the fourth quarter of 2012.
Recently, First Data made improvements to its existing VisionPLUS payment solution, which is a server based software solution used by financial institutions around the globe.