Capellas to Be First Data CEO
10.07.2007 15:38
Computers
- Source: Forbes
Michael D. Capellas will become chief executive officer of credit card transaction processor First Data Corp. after the company is acquired by Kohlberg Kravis Roberts & Co. affiliates, First Data said Tuesday. Capellas will succeed Henry C. "Ric" Duques, who has been chairman and CEO since November 2005. Affiliates of KKR, a private equity firm, are acquiring First Data for about $27 billion. KKR has offered $34 a share, which is a premium of about 26 percent over First Data's closing price on March 30, the last trading day before the acquisition was announced. First Data's stock was unchanged at $32.92 in midday trading Tuesday. The KKR acquisition is expected to close by the end of the third quarter of 2007, subject to shareholder and regulatory approvals. Capellas was CEO of MCI Inc. from 2002 until 2006, when it was acquired by Verizon, and was MCI chairman from 2002 to 2004. He was CEO of Compaq Computer Corp. from 1999 to 2002 and chairman from 2000 to 2002. Capellas also served as president of Hewlett-Packard Co. after it acquired Compaq. Since 2006, Capellas has been a senior adviser to investment firm Silver Lake Partners. First Data, based in the Denver suburb of Greenwood Village, was formed in June 1971. First Data went public in 1992 when it was spun off by American Express. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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