Fidelity National Information Services has appointed James Kehoe as its new Chief Financial Officer (CFO), succeeding Erik Hoag, effective from Monday, according to a press release issued on Tuesday. Hoag, who is stepping down after a year in the CFO role, departs to pursue “other opportunities.” To facilitate the transition at FIS, Hoag will remain with the company as a non-executive officer throughout the current year.
Kehoe, previously the CFO of healthcare and pharmacy company Walgreens for five years, is shifting to the payments sector. Prior to Walgreens, he held the position of CFO at Japan-based Takeda Pharmaceutical Company and briefly at Kraft Foods Group. He holds a Master’s in Business Studies in Finance from University College Dublin, Ireland, and a Bachelor’s of Commerce Degree from University College Galway, Ireland.
Kehoe, described by FIS as an experienced financial leader, faced economic pressures during his tenure at Walgreens. In the fiscal quarter ending on May 31, Walgreens did not meet its expectations, attributed to margin pressures arising from changing consumer conditions, category dynamics, and reduced demand for COVID-19 testing and vaccines since the end of the public health emergency.
FIS, headquartered in Jacksonville, Florida, is undergoing a CFO change after announcing a significant deal. The company revealed plans to sell a 55% majority stake in its Worldpay merchant payments processing business to private equity firm GTCR for $11.7 billion last month.
The company, along with other payment competitors, is also navigating challenges related to selling to bank customers. FIS’s second-quarter results showed slowing revenue growth in its banking division due to the impact of higher interest rates and economic slowdown, in line with the wider U.S. banking industry.
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