JANA Partners Management issued a public letter to Fiserv’s board demanding leadership changes to restore investor confidence. While the activist investor supports the potential sale of Fiserv’s debit network, the firm maintains that further structural action is necessary.
JANA cited failures in attracting and retaining executive talent as the primary cause for the board's diminished standing. The firm disclosed ownership of 4.44 million Fiserv shares. This stake was valued at approximately $247.5 million in the first quarter of 2026.
Fiserv’s stock has declined more than 17% year-to-date. Separately, routine filings show the California State Teachers Retirement System trimmed its holdings in the company during the first quarter.