Former HP Exec Capellas to Head First Data
Capellas brokered the deals that led HP to buy Compaq for $18.5 billion in 2001 and later Verizon's $8.5 billion acquisition of MCI.Former Compaq and Hewlett-Packard executive Michael Capellas is slated to become the CEO of First Data later this year, following the $29 billion acquisition of the financial-transaction processor company by a private equity firm. Earlier this year, Kohlberg Kravis Roberts, a private equity firm, announced that it would buy Denver-based First Data for $29 billion. Capellas will succeed the current chairman and CEO Henry Duques.
Capellas is best known for fixing troubled companies and then selling them for large amounts. He helped broker the deal that led HP to buy Compaq for $18.5 billion in 2001. Later, in 2006, he helped sell MCIformerly Worldcom to Verizon for $8.5 billion.