EX-CEO JOINS TRUMP, CASHES IN

FRANK BISIGNANO, WHO HOLDS TOP JOBS AT THE SOCIAL SECURITY ADMINISTRATION AND THE IRS, SOLD HIS STAKE IN FISERV BEFORE THE COMPANY'S STOCK CRATERED

- STORY: ANDREW DUEHREN / NYT

n the stock market, timing is everything.

Frank Bisignano, the former CEO of the global payments and financial-technology company Fiserv, was forced to sell his stake in the company to join the Trump administration as head of the Social Security Administration.

He did so over several months this year. Between May and August, Bisignano and his family netted roughly $560 million from their stake in the company, according to securities filings.

In doing so, they avoided a dizzying decline in the company’s stock price that started this week after Mr Bisignano’s successor, Michael Lyons, warned of a steep drop in the company’s growth trajectory and its profits. Mr Bisignano and his family’s holdings would have been valued at around $215 million at Thursday's close.

Fiserv stunned Wall Street on Wednesday, saying its previous forecasts were too optimistic. Its stock price has dropped nearly 50% since the end of trading on Tuesday, erasing nearly $35 billion of its market valuation. Mr Lyons delivered a damning indictment of the company’s decisions under Mr Bisignano.