First Data Corp, the credit and debit processor for hundreds of credit unions, announced today that its current CEO Frank Bisignano has also become the chairman of its board.

Bisignano assumes the role from Joe Forehand, who had served as chairman of the Atlanta-based firm since March 2010, and will remain on the First Data board of directors, the company said.

“I am extremely honored to be named chairman, and I recognize that I follow in the footsteps of Joe Forehand, a great leader, who has served this company well,” Bisignano said. “With this additional role, I pledge to continue to lead the company in the direction we have set as we transform First Data into a highly collaborative partner capable of bringing new and innovative solutions to the market.”

Bisignano has been CEO of the company since the late April 2013. 

In its announcement, the company credited Bisignano with repositioning the firm from a traditional processing business to a product and technology solutions provider to merchants and financial institutions.

“Under Bisignano's leadership, initiatives to focus on clients, increase operating efficiencies and bring innovation to the fast-paced payments industry have launched successfully,” the company said.

Other changes included an equity ownership plan that allowed company employees to access company stock as part of their compensation packages, as well as additional technological improvements to streamline and improve payment processing for both merchants and financial institutions.

“Frank is a proven leader who is committed to First Data for the long haul,” Forehand said. “I am pleased to turn over the reigns as chairman to Frank who has definitely put First Data on the right trajectory for a successful future.”