MEMPHIS, Tenn. -- Concord EFS, Inc. (NYSE: CE), has elected George F. Raymond, the president of Moorestown, N.J.-based consulting company Buckland Corporation, to its 12-member board of directors. Raymond is the eighth outside director to join Concord's board.
Richard Kiphart, the chairman of Concord's board, said in a news release that Raymond "brings the perspective of a long career as a highly successful entrepreneur, plus a wealth of knowledge about the information technology industry" to the board.
Raymond has been a consultant since 1989. Previously he was chief executive of Automatic Business Centers, Inc., a payroll processing company he founded in 1972 and sold to Automatic Data Processing Corporation in 1989.
Automatic Data Processing has been mentioned by financial analysts as a possible buyer in the wake of rumors that Concord may have put itself up for sale.
Following a Bloomberg News report that Concord had put itself on the market for $6 billion, Concord stock dropped to $8 on March 11, near its 52-week low of $7.80. The stock has risen since then, closing at $9.36 on March 17.
(See related story Rumored sale rocks Concord stock)
Raymond also co-founded Computer Services Inc., a data processing company subsequently sold to Management Data Corp., and was a management consultant at Touche Ross & Co. He serves on the boards of Atlantic Data Services, Inc., DocuCorp International, Inc. and Analytical Graphics, Inc.
"Concord has strong fundamentals and a great business model, and I look forward to helping to guide the company as it builds its network, payment, and risk management businesses," said Raymond in the release.
