July 10, 2007
Prepaid Media Staff
Michael D. Capellas, will become the new CEO of First Data Corp. following the completion of the company’s $29 billion acquisition by Kohlberg Kravis Roberts & Co. Capellas, a former a former Hewlett-Packard and MCI executive, will succeed retiring Henry C. “Ric” Duques. Most recently, Capellas served as CEO of MCI Inc. (formerly Worldcom) from 2002 until its acquisition by Verizon in 2006, and chairman from 2002 to 2004. Capellas also served as CEO of Compaq Computer Corp. from 1999 to 2002, and chairman from 2000 to 2002. He subsequently served as president of Hewlett-Packard Company following the acquisition of Compaq by H-P. Since 2006, Capellas has served as a senior advisor to Silver Lake Partners, an investment firm focused on investments in technology-related industries. “I look forward to joining First Data at this pivotal time and believe the company is uniquely positioned to pioneer innovative technologies for the next-generation of electronic and mobile commerce around the world,” Capellas said in a press release. Prior to completion of the acquisition, Capellas will be working closely with KKR and the First Data management team. It is expected that the acquisition will be completed by the end of the third quarter of 2007.