Fidelity National Information Services Makes Moves to Accelerate Change

Narrow-moat Fidelity National Information Services has faced some issues this year, and the company announced some moves to accelerate the process of getting back on track. First, Stephanie Ferris will take over as CEO starting Dec. 16, instead of waiting for January. Second, Jeffrey Goldstein will take over as chairman, also effective Dec 16. With this new team in place, the company will initiate a strategic review, focused on identifying growth and cost reduction opportunities. While a change in management has been planned for some time and we expected changes as a result of the switch, this news suggests the company wants to move quickly. We appreciate the company’s diligence, but the success of this process will ultimately hinge on the details of the plan that results from this review. We will maintain our $128 fair value estimate.