BROOKFIELD, Wis. -- On the same day that Fiserv Inc. announced that it had completed its largest acquisition yet, the company said one of its co-founders was retiring in a matter of days.
Norm Balthasar, senior executive vice president and chief operating officer, will step down on Dec. 31 after 33 years with the company and its predecessor. He will stay on in an advisory capacity until mid-2008 to help with the management transition and with the integration of CheckFree Corp. into Fiserv.
Balthasar was a member of the original management team when Fiserv was founded in 1984 and helped oversee its growth from $21 million in revenue and 300 clients to 21,000 clients and $4.4 billion in annual revenue today.
Balthasar originally worked with Sunshine State Systems, which later became Fiserv Tampa, and served in various leadership roles, including the current job he assumed in 2002.
"Based on the success that Fiserv has enjoyed, I have been fortunate to be part of something very special," Balthasar said. "My greatest joy has been the opportunity to work along side so many wonderful people. I will miss them all very much."
Fiserv President/CEO Jeffery Yabuki said, "Norm has a great combination of business knowledge and acumen, which has served us well. His passion and commitment will be greatly missed. We wish him and his entire family all the best in this next chapter of his life."