FIS Announces Appointment of James Kehoe as Chief Financial Officer
22 August 2023 - 1:30PM
Business Wire
Key facts
- Seasoned financial leader James Kehoe brings deep experience as
CFO of global large cap companies in dynamic industries.
- Erik Hoag will remain with the company through the end of the
year to ensure an orderly transition.
FIS® (NYSE: FIS), a global leader in financial services
technology, today announced the appointment of James Kehoe as Chief
Financial Officer (CFO), effective August 21, 2023. Kehoe will
succeed Erik Hoag, who is leaving the company to pursue other
opportunities. Hoag will remain with the company as a non-executive
officer through the end of the year and will work closely with
Kehoe to support an orderly transition of responsibilities.
“We are pleased to welcome James Kehoe to the FIS team. He is an
accomplished and internationally experienced CFO with a
distinguished record of success in driving shareholder value,” said
FIS Chief Executive Officer and President Stephanie Ferris. “As a
results-driven leader, he brings a dynamic, forward-thinking
mindset to create innovative business and financial strategies that
unlock top- and bottom-line growth. We look forward to working with
James to advance our strategic roadmap and achieve our long-term
objectives.”
Ferris continued, “I would like to thank Erik for his many
contributions to FIS over his 16 years with the company in
progressively more responsible roles. He has played an instrumental
role in the growth of FIS during a transformational period of
modernization, developing the financial strategy and planning
behind multiple transactions and investment programs as well as key
transformation initiatives. We are thankful for his significant
contributions over his tenure and we wish him the best in his
future endeavors.”
Kehoe has served as Chief Financial Officer and a senior
corporate leader at several large and international public
companies. He joins FIS from Walgreens Boots Alliance, where he
served as Executive Vice President and Global Chief Financial
Officer since 2018. Prior to that, he was Global CFO and a Board
Director for Takeda Pharmaceutical Company, the largest Japanese
pharmaceutical company. Kehoe previously served as CFO at Kraft
Foods Group, as well as Gildan Activewear. He earned a masters in
Business Studies in Finance from University College Dublin, Ireland
and a Bachelors of Commerce Degree from University College Galway,
Ireland.
“I am excited to join a leading player in the global financial
infrastructure as it continues to take bold action to achieve its
next chapter of growth and transformation,” said Kehoe. “FIS is
highly regarded for scaled and trusted platforms, marquee clients,
global distribution, and strong cash generation, and I am energized
by the opportunity to join at this critical juncture and help drive
superior financial and operational execution in the years
ahead.”
Company Reaffirms Full-Year
Guidance
FIS is reaffirming its full-year 2023 revenue and adjusted
EBITDA guidance provided in its second quarter 2023 earnings
materials.
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).
Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the U.S. federal securities laws. Statements that
are not historical facts, including statements about anticipated
financial outcomes, including any earnings guidance or projections,
projected revenue or expense synergies or dis-synergies, business
and market conditions, outlook, foreign currency exchange rates,
deleveraging plans, expected dividends and share repurchases of the
Company, the Company’s sales pipeline and anticipated profitability
and growth, plans, strategies and objectives for future operations,
strategic value creation, risk profile and investment strategies,
any statements regarding future economic conditions or performance
and any statements with respect to the previously announced pending
sale of a 55% equity stake in the Worldpay Merchant Solutions
business (“pending Worldpay transaction”), the expected financial
and operational results of the Company, and expectations regarding
the Company’s business or organization after the pending Worldpay
transaction, as well as other statements about our expectations,
beliefs, intentions, or strategies regarding the future, or other
characterizations of future events or circumstances, are
forward-looking statements. These statements may be identified by
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,”
“will,” “should,” “could,” “would,” “project,” “continue,”
“likely,” and similar expressions, and include statements
reflecting future results or guidance, statements of outlook and
various accruals and estimates. These statements relate to future
events and our future results and involve a number of risks and
uncertainties. Forward-looking statements are based on management’s
beliefs as well as assumptions made by, and information currently
available to, management.
Actual results, performance or achievement could differ
materially from these forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject
include the following, without limitation:
- changes in general economic, business and political conditions,
including those resulting from COVID-19 or other pandemics, a
recession, intensified international hostilities, acts of
terrorism, increased rates of inflation or interest, changes in
either or both the United States and international lending, capital
and financial markets or currency fluctuations;
- the risk of losses in the event of defaults by merchants (or
other parties) to which we extend credit in our card settlement
operations or in respect of any chargeback liability, either of
which could adversely impact liquidity and results of
operations;
- the risk that acquired businesses will not be integrated
successfully or that the integration will be more costly or more
time-consuming and complex than anticipated;
- the risk that cost savings and synergies anticipated to be
realized from acquisitions may not be fully realized or may take
longer to realize than expected;
- the risks of doing business internationally;
- the effect of legislative initiatives or proposals, statutory
changes, governmental or applicable regulations and/or changes in
industry requirements, including privacy and cybersecurity laws and
regulations;
- the risks of reduction in revenue from the elimination of
existing and potential customers due to consolidation in, or new
laws or regulations affecting, the banking, retail and financial
services industries or due to financial failures or other setbacks
suffered by firms in those industries;
- changes in the growth rates of the markets for our
solutions;
- the amount, declaration and payment of future dividends is at
the discretion of our Board of Directors and depends on, among
other things, our investment opportunities, results of operations,
financial condition, cash requirements, future prospects, and other
factors that may be considered relevant by our Board of Directors,
including legal and contractual restrictions;
- the amount and timing of any future share repurchases is
subject to, among other things, our share price, our other
investment opportunities and cash requirements, our results of
operations and financial condition, our future prospects and other
factors that may be considered relevant by our Board of Directors
and management;
- failures to adapt our solutions to changes in technology or in
the marketplace;
- internal or external security or privacy breaches of our
systems, including those relating to unauthorized access, theft,
corruption or loss of personal information and computer viruses and
other malware affecting our software or platforms, and the
reactions of customers, card associations, government regulators
and others to any such events;
- the risk that implementation of software, including software
updates, for customers or at customer locations or employee error
in monitoring our software and platforms may result in the
corruption or loss of data or customer information, interruption of
business operations, outages, exposure to liability claims or loss
of customers;
- the risk that partners and third parties may fail to satisfy
their legal obligations and risks associated with managing pension
cost, cybersecurity issues, IT outages and data privacy;
- uncertainties as to the timing of the consummation of the
pending Worldpay transaction or whether such sale will be
completed;
- risks associated with the impact, timing or terms of the
pending Worldpay transaction;
- risks associated with the expected benefits and costs of the
pending Worldpay transaction, including the risk that the expected
benefits of the pending Worldpay transaction or any contingent
purchase price will not be realized within the expected timeframe,
in full or at all;
- the risk that conditions to the pending Worldpay transaction
will not be satisfied and/or that the pending Worldpay transaction
will not be completed within the expected timeframe, on the
expected terms or at all;
- the risk that any consents or regulatory or other approvals
required in connection with the pending Worldpay transaction will
not be received or obtained within the expected timeframe, on the
expected terms or at all;
- the risk that the financing intended to fund the pending
Worldpay transaction may not be obtained;
- the risk that the costs of restructuring transactions and other
costs incurred in connection with the pending Worldpay transaction
will exceed our estimates or otherwise adversely affect our
business or operations;
- the impact of the pending Worldpay transaction on our
businesses and the risk that the pending Worldpay transaction may
be more difficult, time-consuming or costly than expected,
including the impact on our resources, systems, procedures and
controls, diversion of management’s attention and the impact on
relationships with customers, governmental authorities, suppliers,
employees and other business counterparties;
- the reaction of current and potential customers to
communications from us or regulators regarding information
security, risk management, internal audit or other matters;
- the risk that policies and resulting actions of the current
administration in the U.S. may result in additional regulations and
executive orders, as well as additional regulatory and tax
costs;
- competitive pressures on pricing related to the decreasing
number of community banks in the U.S., the development of new
disruptive technologies competing with one or more of our
solutions, increasing presence of international competitors in the
U.S. market and the entry into the market by global banks and
global companies with respect to certain competitive solutions,
each of which may have the impact of unbundling individual
solutions from a comprehensive suite of solutions we provide to
many of our customers;
- the failure to innovate in order to keep up with new emerging
technologies, which could impact our solutions and our ability to
attract new, or retain existing, customers;
- an operational or natural disaster at one of our major
operations centers;
- failure to comply with applicable requirements of payment
networks or changes in those requirements;
- fraud by merchants or bad actors; and
- other risks detailed elsewhere in the “Risk Factors” and other
sections of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, in our Quarterly Reports on Form 10-Q and
in our other filings with the Securities and Exchange
Commission.
Other unknown or unpredictable factors also could have a
material adverse effect on our business, financial condition,
results of operations and prospects. Accordingly, readers should
not place undue reliance on these forward-looking statements. These
forward-looking statements are inherently subject to uncertainties,
risks and changes in circumstances that are difficult to predict.
Except as required by applicable law or regulation, we do not
undertake (and expressly disclaim) any obligation and do not intend
to publicly update or review any of these forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230822805412/en/
Kim Snider, 904.438.6278 Senior Vice President FIS Corporate
Communications Kim.Snider@fisglobal.com
George Mihalos, 904.438.6438 Senior Vice President Head of
Investor Relations Georgios.Mihalos@fisglobal.com
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