FIS layoffs & SF

We have to separate fact from opinion.
SF was CFO of WP when FIS acquired WP. She was appointed COO with a primary responsibility of integration of WP and FIS. Integration was so bad FIS paid an additional 950 million in 2022 for acquisition and integration costs. They settled a lawsuit for 210 million associated with the acquisition of WP. Would we agree SF did not properly integrate the two companies?

Next, she is designated as Chief Administrative Officer 2021 to 2022. Primary responsibility included transformation, M&A, and technology. I think all of FIS/WP employees would agree this didn’t happen.

Her reward, appointment as CEO of a Fortune 500 company with experience of only accounting and finance. Company Stock price Dec 16, 2022 was 69.17. Today, it is 37.47. This what 20+ million a year in CEO comp for SF earns you.

When will the firings end? It isn’t ending soon. As part of the agreement with DE Shaw, FIS agreed to 400 million in cost savings. To avoid major disruption in the business and the Warn Act, FIS is laying off people over a three year period.

Follow the money, DE Shaw share sales in subsequent FIS announcements post Dec 2022. They forced these changes. FIS BOD appointments and historical relationships with DE Shaw, Janu Partners and SF. What backroom deals between Goldstein, Ernst and DE Shaw were agreed?

Make it make sense. 20+m a year, stock price free fall, increase in C Suite personnel compared to legacy FIS, advisor fees so high CFO commented on it, nepotism hires with Performance Officer, CAO, HR. What has this C-suite and SF accomplished?

This is the same CEO that created Future Foreward, implemented all these cost savings with promised payouts, delayed payouts, divided up payout over two years and then let people go before payment. This is the FIS culture. A CFO that hates Jacksonville and US culture. A failed CAO from Hertz because they were friends in Cincinnati. BT was her best friend at WP with no accomplishments at FIS. BT is an over priced puppet. Sad part, entire company run by McKinsey.

FIS got what it deserved. SF set out to do what she promised, fire all legacy FIS and the board has done nothing.

#Layoffs #CEO #CostSavings #Culture #Leadership

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@OP great summary. When she took her original WP after being at FIS for a year, we prayed we were free of SF. And then her kids say they can't stand her, and she comes back in a made-up position by a man listed in Forbes ' "Top 10 Overpaid CEOs". FIS is a disaster waiting to be merged with another one. My manager has been saying for 2 years that SF should be terminated. He lost 24 people yesterday and a bunch over the previous year.

This all resonates. Forgot to add CEO Barbie's accomplishment of selling off WP for a quarter of its acquisition cost.

I've never worked for a company as insanely toxic as FIS in my career. The only reason I'm still here is because the job market is so bad.

@er Nice! I was around. I was also around when the COA as part of integration quit on pay out day. C Suite argued for weeks on the process.

The crazy part, I inherited educated WP people on my team and they hate SF. She was a laughing joke. Guess she got the last laugh at the expense of our company.

Board won’t do anything until another activist investor pushes them.

@OP if you were around when FIS bought WP, there was an integration site created where they introduced the new leadership team. Marketing put out intro videos that provided ‘fun facts’ about each c-suite leader. One fact was their favorite song. According to SF, her favorite song is Take the Money and Run by the Steve Miller Band. The signs have been there from day one.

@OP Thank you for a superb recap. I am sure a lot of us picked up a point or two we did not know. I have known “something” was coming for over a year, but you have provided clarity. The “Future Forward” on my sign on screen drives me crazy. And I won’t miss when I turn my laptop in. 😊

Big hangover from WP left behind. lots of debt, a clueless leadership team, completely lost credibility from the stock market, and FIS is in the record books for worst tech m&a fiascos

@OP fis should have never ever bought worldpay...it's completely a bad deal and b hunting fis down...even after all these things they should throw all these worldpay guys from fis including Ms Ferris.

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FIS layoffs & SF

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