Fiserv (FI) shares fell Thursday morning after president-elect Donald Trump named the financial services company's CEO Frank Bisignano as his nominee to lead the 澳洲幸运5官方开奖结果体彩网:Social Security Administration.

Trump called Bisignano a "business leader, with a tremendous track record of transforming large corporations" in a Truth Social post announcing the nomination.

In a statement Thursday, Fiserv said Bisignano will continue as CEO until an eventual confirmation hearing takes place. Lead Director Doyle Simons said succession planning has "always been a priority" for the company's board, and said it will follow a previously existing succession plan to name a new CEO assuming he is confirmed.

“Serving as CEO of Fiserv is an honor and I am incredibly proud of what our team has and will accomplish,” Bisignano said. “I am honored to have this once in a lifetime opportunity to serve my country. I thank President-elect Trump and, if confirmed, look f🔯orward to applying m💦y experience to transform our social security system.”

The Fiserv CEO has previously served in executive roles at Citigroup (C) and JPMorgan (JPM) before a tenure at another financial tech company, First Data. He joined Fiserv through its merger with First Data, serving as COO of the combined company following the 2019 merger and becoming CEO in 2020.

Fisꦯerv shares were down more than 5.5% to around $203.29 in the first hour of trading Thursday, still more than 50% above where they started the year.