Feeds

Capellas named CEO of First Data

Former MCI and Compaq chief lands on his feet

Providing a secure and efficient Helpdesk

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. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.