First Data CEO Duques to cash out
By David Milstead, Rocky Mountain News
First Data Chief Executive Officer Ric Duques is preparing to use more than 4 million stock options that could yield profits of roughly $91 million at today's prices.
The Greenwood Village-based money mover, the parent of Western Union, said Duques is adopting a 10b5-1 trading plan to use the stock options, which the company gave him during his previous go-round as CEO.
Duques worked in First Data's top job until 2002 and retired as chairman in April 2003. He was replaced by Charlie Fote.
But Fote retired in November, and Duques rejoined First Data.
That created a quirk in his option ownership. Duques normally would have had several more years to use them. But First Data's long-term incentive plan said Duques had to use them by the third anniversary of his retirement or lose them.
That anniversary comes in April. But Duques is an employee again. So the First Data board explored whether to extend the date.
Last Thursday, the board's compensation committee "determined that, due to tax and accounting considerations, no change to the April 1, 2006, expiration of the options was in the best interest of the company's investors."
Duques will not dump all the shares on the market. Instead, First....for more of the story from Rocky Mountain News