JACKSONVILLE, Fla., Feb. 13 /PRNewswire-FirstCall/ -- Fidelity National Information Services, Inc. today announced that its Lender Processing division, which the company plans to spin off in mid-2008, will be named Lender Processing Services, Inc. (LPS). Jeff Carbiener, currently Executive Vice President and Chief Financial Officer of FIS, will be President and Chief Executive Officer of LPS.
"Jeff has strong financial and operational experience and has been an integral part of the company since the Certegy acquisition in 2006," said William P. Foley II, Executive Chairman of FIS. "The LPS management team, under Jeff's leadership, has the experience and expertise to support the current and future success of LPS."
After the spin off, the following LPS executives will report to Carbiener: Dan Scheuble, Executive Vice President of the Mortgage Processing Services division; Eric Swenson, Executive Vice President of the Mortgage Information Services division; Fred Parvey, Executive Vice President and Chief Information Officer; and Francis Chan, Executive Vice President and Chief Financial Officer. Chan is currently Senior Vice President and Chief Accounting Officer of FIS. Parag Bhansali recently joined FIS and will serve as Senior Vice President of Investor Relations for LPS. Prior to joining FIS, Bhansali served as Vice President of Finance at Rayonier Inc. and Vice President of Corporate Development and Strategy at Covance Inc.
Lee Kennedy will continue to serve as President and Chief Executive Officer of FIS. As previously announced, reporting to Kennedy are Gary Norcross, Executive Vice President and Chief Operating Officer, and Frank Sanchez, President of Strategic Development. Norcross will be responsible for all global banking business, including Integrated Financial Solutions, Enterprise Banking and International. Sanchez will be responsible for all strategic development initiatives worldwide.
George Scanlon recently joined FIS as Executive Vice President of Finance. After the spin off is complete, Scanlon will assume the role of Chief Financial Officer. Scanlon most recently served as Chief Financial Officer for BFC Financial Corporation and has significant expertise in finance and accounting. Scanlon also served as Chief Financial Officer for Levitt Corporation and Datacore Software Corporation, and as Controller for Ryder System. Mary Waggoner will continue to serve as Senior Vice President of Investor Relations for FIS.
About Fidelity National Information Services
Fidelity National Information Services, Inc. is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500(R) Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insight in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 9,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit http://www.fidelityinfoservices.com/.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: risks associated with the proposed spin-off of the Lender Processing Services (LPS) segment by FIS, including the ability of FIS to contribute certain LPS assets and liabilities to the entity to be spun off, the ability of LPS to obtain debt on acceptable terms and exchange that debt with certain holders of the FIS debt, obtaining government approvals, obtaining FIS Board of Directors approval, market conditions for the spin-off, and the risk that the spin-off will not be beneficial once accomplished, including as a result of unexpected dis- synergies resulting from the separation or unfavorable reaction from customers, rating agencies or other constituencies; changes in general economic, business and political conditions, including changes in the financial markets; the effects of our substantial leverage (both at FIS prior to the spin-off and at the separate companies after the spin-off), which may limit the funds available to make acquisitions and invest in our business; the risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in the banking, retail and financial services industries; failures to adapt our services to changes in technology or in the marketplace; adverse changes in the level of real estate activity, which would adversely affect certain of our businesses; our potential inability to find suitable acquisition candidates or difficulties in integrating acquisitions; significant competition that our operating subsidiaries face; the possibility that our acquisition of EFD/eFunds may not be accretive to our earnings due to undisclosed liabilities, management or integration issues, loss of customers, the inability to achieve targeted cost savings, or other factors; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
