July 10, 2013

Observers could be forgiven for assuming that Atlanta-based First Data Corp is becoming a bit of a "JPMorgan Chase South" following the payments solutions company's announcement that Guy Chiarello joined the company July 8, 2013, as president. Chiarello, who had served as the bank's CIO prior to his surprise resignation in May, joins fellow JPMorgan Chase alum Frank Biignano, who was named First Data's CEO in April. Bisignano previously served as co-chief operating officer.

[First Data Names JPMorgan Co-COO As Its New CEO]

According to Chiarello's bio on the First Data web site:

"As a member of the Management Committee, Chiarello focuses on innovation, product development and technological systems, helping First Data elevate them all to world-class standards. His role is to engage with customers and business leaders to create and enhance the many new solutions First Data plans to bring to market."

Chiarello's experience with big integration projects and implementation of emerging capabilities such as big data and mobile are highly relevant in today's payments business that is being transformed by mobile and big data, along with the entrance of a number of new, non-traditional competitors. A post on the Wall Street Journal's CIO Journal blog quotes Henry Kravis, co-founder and co-CEO of KKR & Co. -- the investment firm that owns First Data -- as saying "Guy Chiarello is as talented as they come."

ABOUT THE AUTHOR
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & ...