December 19, 2005, 12:00 AM

Ric Duques returns as CEO of First Data as Fote retires

Former First Data Corp. CEO Henry C. (Ric) Duques has returned to take the top spot at the credit card processing company, replacing the retiring Charles T. Fote, First Data said.

 

Former First Data Corp. CEO Henry C. (Ric) Duques has returned to take the top spot at the credit card processing company, replacing the retiring Charles T. Fote, First Data said.

Fote, who has served as CEO since 2002 and chairman since 2003, will also pass on the chairman’s position to Duques at year-end.

Duques, who preceded Fote as both CEO and chairman for about 10 years, will lead First Data again for approximately two year while assisting the board of directors in finding a permanent replacement. First Data on Friday laid off 1,000 workers, mostly in its card-issuing unit. The company said it would take a 5-cents-per-share restructuring charge as a result of the cuts.

 

Duques served as president and CEO of the Data Based Services Group of American Express Co. from 1987 to 1992, when American Express spun it off to form First Data. Duques then led First Data through its initial public offering of stock that year, remaining CEO until 2002.

 

 

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