Muma Sets Fiserv Departure

October 06, 2004, 1:00 a.m. EDT 1 Min Read

BROOKFIELD, Wis. - (10/06/04) -- Leslie Muma, one of the co-foundersof Fiserv, said he plans to retire as president and CEO of thefinancial services outsourcing giant, in June 2006. Muma createdFiserv with George Dalton in 1971 by combining two small bankprocessing companies that has grown into a leader in back-officeservices for banks, credit unions and insurance companies with $3.5billion in annual revenues serving 15,000 institutions andemploying 22,000 workers. Fiserv said that Norm Balthasar, thecompany's chief operating officer who would normally be in line tosucceed Muma, has taken his name out of consideration becauseBalthasar plans to retire in 2008 and he thinks the company wouldbe better served by finding a long-term successor toMuma.

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