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Fiserv Executives Take Pay Cut Amid COVID-19 Pandemic

Fiserv Inc.'s top executives are taking temporary base salary pay cuts to compensate employees, who experience financial hardship due to the COVID-19.

The company disclosed in a regulatory filing that its chairman & chief executive officer Jeffery Yabuki, and president & chief operating officer Frank Bisignano have each agreed to forgo 100 percent of their base salary.

Similarly, Fiserv's other executives - chief financial officer Robert Hau, executive vice presidents Devin McGranahan and Byron Vielehr - are each taking a 20 percent pay cut.

The Compensation Committee of the Board of Directors of the company approved to suspend the payment of all cash compensation payable to non-employee directors, which will also be used to provide assistance to Company associates related to COVID-19 through the Fiserv Cares Fund.

The compensation Committee also approved amendments to the Fiserv Amended and Restated Employee Stock Purchase Plan, effective as of April 1, 2020, to suspend the discount on shares purchased under the plan for the period from April 1, 2020 until December 31, 2020.

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