On December 15, 2022, Fidelity National Information Services (FIS) announced that a strategic review and a transition to an independent board chair structure while announcing a cooperation deal with activist hedge fund D.E. Shaw. FIS stated that the review will focus on finding ways to increase revenue, improve margins and reduce costs. The incoming Chief Executive Stephanie Ferris stated that the Company is taking a hard look at every aspect to define areas for change and develop specific action and improvement plans and her appointment was due to begin in January, but she is now set to replace CEO Gary Norcross.

Also, the Company stated that it agreed to appoint Mark Ernst as independent director. Further, Fidelity said it entered into a cooperation agreement with D.E. Shaw, and D.E. Shaw wanted Fidelity to evaluate its organization structure and accelerate the pace of change in leadership.