Activist investment firm JANA Partners sent a letter to the board of directors of Fiserv, Inc. (Nasdaq: FISV) on July 30, calling for a comprehensive strategic review of the company's entire asset portfolio and additional board changes to address what it described as persistent governance issues.

JANA said it supports Fiserv's reported exploration of a sale of its debit network assets but is pushing the company to expand that process beyond a single-asset approach. The firm argued that a broad portfolio review would more effectively reduce the gap between Fiserv's market value and what it considers the intrinsic value of the company's assets.

According to the letter, signed by Managing Partner and Portfolio Manager Scott Ostfeld, Fiserv's stock declined nearly 80% from its 2025 highs following what JANA described as a dramatic earnings reset. JANA said it invested in Fiserv on the basis that a turnaround could restore the company's historical business model, but that management turnover and continued missteps have widened the valuation discount.

On governance, JANA said recent board changes at Fiserv have been insufficient. The firm cited failures in executive talent retention and attraction, including what it described as allowing senior executives to tie their employment agreements to the continued service of the chief executive officer, as factors that have damaged the board's standing with investors.

The letter was addressed to CEO Takis Georgakopoulos at Fiserv's Milwaukee, Wisconsin headquarters. JANA disclosed that funds it manages currently hold beneficial ownership and other economic interests in Fiserv shares.