Western Union Delivers for Star Systems’ Labry

DENVER – For Edward Labry III, the former chief executive at Concord EFS, the parent of Star Systems, the more than four years since he sold his business to First Data Corp. have been extremely profitable–earning him more than $1 million a month since then. Labry, now president of commercial services for First Data, earned $50 million by exercising First Data options over the past two years, including $13 million last year and $38 million in 2005, according to filings with the Securities and Exchange Commission. That’s on top of more than $5 million in cash compensation. And during a five-week period last winter, Labry earned more than $10 million by exercising 850,000 options in Western Union he obtained from the spin-off of Western Union from First Data, at $8.42 a share. Labry who helped build Concord into the nation’s largest electronic funds transfer company, joined First Data when it acquired Concord EFS in April 2003. First Data had hoped to combine Star Systems with its NYCE EFT network, but was forced by antitrust regulators in the U.S. Justice Department to sell most of NYCE to Metavante. First Data has agreed to be acquired by private equity giant Kohlberg Kravis Roberts & Co. for $29 billion, one of the largest buyouts ever.