Magazine article American Banker

First Data Drops Concord's Co-CEOs in Integration

Magazine article American Banker

First Data Drops Concord's Co-CEOs in Integration

Article excerpt

Though several Concord EFS Inc. executives have joined the company's new parent, First Data Corp., co-chief executive officers Dan M. Palmer and Bond R. Isaacson are leaving.

First Data, of Denver, bought Concord, of Memphis, on Thursday, the day Concord's shareholders approved the deal.

Mr. Isaacson said Monday that after discussions with Charles T. Fote, First Data's chairman and CEO, it was decided that the best thing to do was to "use my expertise someplace else in the industry."

He will stay on until the end of March "doing some transition stuff" with Star customers, he said in a telephone interview.

Mr. Isaacson's recent career has been nomadic. After 19 years at International Business Machines Corp. he joined Visa U.S.A. in 1999, left for Bank of America Corp. in 2001, and joined Concord the following year.

He said Monday that he had hoped to stay longer with Concord and had even planned to move his home to Memphis -- until last April, when the First Data deal was announced.

Though he has no immediate job plans, he said he would consider returning to Visa if the timing were right but would be less likely to return to Bank of America.

"I like something a little more entrepreneurial," Mr. Isaacson said. He said he might enjoy working at a small or midsize institution where he could have more impact than at a big one.

First Data did hire Concord's president, Edward A. Labry 3d, as well as Ronald V. Congemi, the president and founder of its Star Systems network, the largest electronic funds transfer network in the United States. First Data said that Mr. Labry became the president of Concord/enterprise sales and Mr. Congemi the president of debit services/Star Systems. First Data also named Concord director Richard P. Kiphart to its own board.

Mr. Palmer has signed a two-year consulting agreement with First Data, said his assistant, Charlie Kraft, on Monday. …

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