Feeds

Capellas named CEO of First Data

Former MCI and Compaq chief lands on his feet

High performance access to file storage

Former MCI and Compaq chief Michael Capellas has been tapped as CEO of credit card transaction processor First Data Corp. after the the company is acquired by affiliates of a private equity firm.

The seasoned company head and golden parachute collector will succeed Henry Duques, who has been chairman and CEO of First Data since November 2005. Durques had previously announced his intentions to retire within two years in late 2005.

Private investment firm Kohlberg Kravis Roberts & Co. announced in April its intentions to buy First Data for $27bn. KKR had offered $34 per share for First Data, which was a premium of about 26 per cent over the company's closing price the day before the acquisition was announced. First Data stock sold for $32.93 in trading Tuesday.

The acquisition is expected to close by the end of the third quarter of 2007, which is when Capellas will take the reins. First Data said Capellas will be working closely with their management team prior to the buy-out's completion.

Capellas made his way up the executive ladder in various technology companies before landing a gig as CEO at Compaq. After Compaq was borged by HP, Capella became president of the combined company for a few months before splitting to head MCI. When MCI joined with Verizonn, Capellas left the CEO post yet again and joined investment firm Silver Lake Partners as a senior advisor.

Will he stay at First Data? It's hard to tell with a ramblin' man like Capellas.

Denver-based First Data was formed in 1971, and became publicly traded in 1992 when it was spun off by American Express. The company says it serves over 5 million merchant locations and 1,900 credit card issuers and their customers. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.