Bisignano assumes the role from Joe Forehand, who has served as chairman since March, 2010, and will remain on the First Data Board of Directors.

"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 was named chief executive officer for First Data on April 29, 2013. Since then, he has moved to rapidly reposition the company 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. Bisignano also introduced an equity ownership plan that put stock in the hands of nearly all of First Data employees. In addition, under his leadership, the company unveiled the Clover™ Station, a transformational point-of-sale solution for small and medium sized businesses.

"Frank is a proven leader who is committed to First Data for the long haul," said Forehand. "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."