Former JP Morgan Chase CIO Guy Chiarello has joined global payments processing company First Data as president.

Chiarello will become a member of the management committee, and will focus on innovation, product development and technological systems. In particular he will be tasked with developing new products and engaging with customers and business leaders.

According to a US Securities and Exchange Commission filing, Chiarello will be paid an annual base salary of $1 million (£670,000), with annual incentives of at least $2.5 million (£1.68 million). He will also receive a signing bonus of $6.5 million (£4.3 million), subject to conditions.

At JPMorgan Chase Chiarello was responsible for the bank’s vast infrastructure as CIO, and oversaw seven lines of business across the firm’s multi-national operations. This involved the development of the bank’s Mobile App Suite, used by over 10 million customers.

Chiarello, 53, announced his departure from JPMorgan Chase in May after five and a half years as CIO. He will join former chief operating officer at JPMorgan Chase, Frank Bisignano, who joined First Data as chief executive in April.

Chiarello has also previously been employed at Morgan Stanley for 23 years, and has over 30 years experience in business and technology within the financial services industry. He has a history of supporting innovation in technology, and was involved in the FinTech Innovation Lab start-up scheme in the UK.