Fiserv had a work from home culture, nearly 50% of Fiserv associates work from home. For them the model worked because they had a very narrow product offering and did not run the company in an integrated way but were a “holding company”. First Data on the other hand was integrated and platforms like Clover require a more integrated approach and being in the office worked. Let’s stop demonizing each other realize what occurred and now deal with the reality that the new ceo will always have 51% of the vote. Frank deserves the opportunity to run the company as he sees fit as jeff would of done the same…the combined company is an even larger conglomerate with $15B in sales and needs people to work together not apart…
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All Frank deserves is a kick in the teeth.
One difference here - Fiserv didn't need 'saving'.
I really hate typing this but Frank actually saved First Data. His tactics are ruthless and it’s painful at the time but he did save the company and put the Fiserv/FD deal together. If you are not happy, go find another job. Believe in yourself. Frank thinks that people who stay thru the pain are stupid and weak so it’s a no win situation for you anyway. No one is off limits, even his cronies numbers will come up at some point. Frank though… is an operator. He only knows how to cut costs and once there are no longer costs to cut he will also be no longer. He has zero idea how to grow a business.
Don't fret if some special peers may be getting to remote but I expect a year or so down the road, that will change. Nothing is as it seems. They can't have some people leave so fast until they get their knowledge from them.
Yeah, I was going to say, is that Frank talking? Wasting his time on this site?
Some people are already getting “special” deals to not move. So it won’t be uniform. Let that soak in while you lose your job, while some “special” peers get to continue to be remote.
Frank doesn't deserve anything. He's being compensated at an ungodly level and has destroyed a wonderful culture that was driven to perform. His management ideas have long been proven to be ineffective, yet he doubles down on bad ideas driving out the best and brightest. I sold all my stock before the crash and won't buy any Fiserv stock again until he's gone.
“Frank deserves the opportunity to run the company as he sees fit”. You do realize he’s running the company into the ground just like he did with FD, right? Surely you can’t be so naive that you can’t see what’s happening all around you. He’s destroying the lives of those who built this company, and doesn’t bat an eye. He doesn’t deserve jack.
The OP must not have been with Fiserv long. It was as conglomerate 15 or so years ago with products ranging from AP, OLB, BP, Risk/AML, Debit Processing, Payment networks, etc... Jeff Yabuki brought a lot of those business together with Fiserv 2.0 and other initiatives to modernize the enterprise. The stock consistently performed. After he instituted a work-from-home policy, Fiserv continued to innovate and grow.
It was consistent and predictable management, nothing like the chaotic and antiquated policies Frank has instituted. Not saying that everything was rosy with Jeff, but things have become untenable. I would not recommend working for Fiserv to anyone.
Notice how the empathy only goes in one direction?
"Frank deserves the opportunity to run the company as he sees fit "
But you don't get to live where you see fit, work as you see fit ,or even work for Fiserv at all if you've been RIF'd.
But Frank 'deserves' things.
Wow….never ever thought I’d miss Yabuki….but man was I wrong! Would do anything to have him and the Fiserv culture back!!! Like the song says. Guess you really don’t know what ya got until it’s gone!!!
Wow, @OP+1dxwfqlk you are so disconnected from reality. Frank has been running the company for almost three years now, and he is doing it like it is 1960. He pi---d off most of the development staff that work long hours remotely, his buddies have been causing outages for customers and he single handly made the stock tank by driving out several big customers. This has to be a record of how quickly a CEO can make a company's stall.
All those people that worked hard, and gave in extra time got RIF'ed. Pretty lame.
HR alert