Jana Partners Urges Fiserv Asset Sales and Board Refresh
Jana Partners is calling on payments firm Fiserv to divest non-core assets and appoint new directors with banking software expertise to rebuild investor credibility. The activist hedge fund has increased its stake to nearly 1% following a significant decline in the company's stock price over the past year.
Jana Partners is urging FISERV INC to sell non-core assets and appoint new directors with banking software and payments experience. The activist investor, which holds a nearly 1% stake, aims to address a 70% share price decline over the past 12 months. Jana managing partner Scott Ostfeld stated that further portfolio reshaping and board refreshment would accelerate the rebuilding of market credibility for the United States-based company.
### Jana Targets Board Refresh and Divestitures Ostfeld went public with the demands on Tuesday, arguing that FISERV INC must aggressively pursue divestitures to restore investor confidence. The hedge fund nearly doubled its position in the first quarter, becoming a top 20 shareholder in the $28 billion company. While Jana supports Chief Executive Mike Lyons, Ostfeld noted that a broader breakup might be an attractive option in the future if the valuation does not improve.
