First Data names Michael Capellas new CEO
10 July 2007 | 5753 views | 0
US e-payments firm First Data says that Michael Capellas, former chief executive of MCI and Compaq, will become its new CEO when its buyout by private equity firm Kohlberg Kravis Roberts (KKR) is complete.
First Data agreed to a $29 billion buy-out by KKR in April. The deal is expected to close in the third quarter.
Capellas was most recently chief executive officer of MCI (formerly Worldcom) from 2002 until its acquisition by Verizon in 2006, and chairman from 2002 to 2004.
He also served as CEO of Compaq Computer Corporation from 1999 to 2002, and chairman from 2000 to 2002. Capellas subsequently served as president of Hewlett-Packard Company following the acquisition of Compaq by Hewlett-Packard.
Since 2006, Capellas has been working as a senior advisor to private equity firm Silver Lake Partners.
He succeeds Ric Duques at First Data.
Duques rejoined First Data as chairman and CEO in November 2005. At the time he stated that he planned to retire within two years. He had been First Data's chairman from 1989 to 2003 and chief executive from 1989 to 2002.