NEW YORK (Reuters) - First Data Corp. (FDC.N) said that Michael Capellas, former chief executive of MCI Inc. and Compaq Computer Corp., will become chief executive officer when the company’s leveraged buyout is completed.
First Data, which processes credit and debit card payments, agreed in April to be taken over by Kohlberg Kravis Roberts & Co. KKR.UL for about $26 billion. The deal is expected to close in the third quarter.
Capellas will succeed Henry “Ric” Duques, who came back to the company in 2005 to oversee a reorganization.
Capellas was chief executive of MCI Inc. from 2002 until its acquisition by Verizon Communications Inc. (VZ.N) in 2006. He was chief executive of Compaq Computer from 1999 to 2002.
Duques said when he rejoined 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.