First Data Reworks Management, Bonds Fall

NEW YORK (Reuters) – First Data Corp said on Tuesday it has promoted Ray Winborne to acting chief financial officer due to three senior departures, sparking broad weakness in the company’s bonds. 

Winborne is being promoted from controller, succeeding Pat Shannon who is leaving the firm.

The credit card and payment processor also promoted Kevin Kern to Executive Vice President, Global Operations & Technology, from Chief Technology Officer. He is succeeding Bob DeRodes, who is also leaving the company.

Grace Chen Trent, executive vice president in communications is also leaving the firm, First Data said in a release.

First Data’s bonds fell in active trade on Tuesday, according to MarketAxess. The company’s 10.55 percent bond due 2015 dropped 5 cents on the dollar to 73 cents on the dollar and its 9.875 percent note due 2015 fell 7.375 cents to 76 cents, MarketAxess said.

Former Chief Executive Michael Capellas left the firm in March to become a senior adviser to corporate parent Kohlberg Kravis Roberts & Co.

KKR bought First Data in a $29 billion leveraged buyout in 2007.

(Reporting by Karen Brettell; Editing by Andrew Hay)