Fiserv CEO Rejects Accounting Concerns After Record Stock Rout

Fiserv Inc. Chief Executive Officer Mike Lyons blamed a raft of operational shortcomings for the earnings disappointment that triggered a record rout in the payments giant’s stock last month, rejecting speculation that accounting issues played any role in the company’s recent woes.

Lyons said he had ordered a “rigorous” deep-dive analysis in conjunction with the firm’s annual strategic planning and budgeting processes, which it completed ahead of its earnings release on Oct. 29. The analysis uncovered trouble spots including uneven performance, misplaced priorities, and the fading boost from high-growth markets such as Argentina.