NEW YORK : Fidelity National Information Services said on Thursday that it will conduct a strategic review of its business and add a new director to its board amid pressure from hedge fund D.E. Shaw Group.
The company also announced accelerated changes to its executives. Stephanie Ferris, who was scheduled to become CEO in January, will take over the top job on Friday while Gary Norcross, a 34-year FIS veteran who has been CEO since 2015, will leave the company. Mark Ernst, who had been executive vice president and chief operating officer at Fiserv, a global fintech and payments company that competes with FIS, is joining the board.
Fidelity National, a maker of technology for banking and merchant payments and widely known as FIS, has seen its stock price drop and market capitalization shrink in recent years as investors became frustrated with how its three main businesses were linked together. Ferris, the new CEO, had been FIS' president where she led the integration of Worldplay and steered the company's global business strategy.
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