First Data Maps Future Without Fote.

As a debit-transaction processor, First Data Corp. leads the pack in the U.S. in terms of transaction volume. The company processed about 4.5 billion debit transactions in 2004, according to ATM&Debit News EFT Data Book 2006.

But that leadership position was not enough to keep CEO Charles T. Fote from leaving last week amid speculation that Fote was forced out by First Data's board due to poor performance and poor relations with business partners. "I don't think he came to the conclusion on his own," says Timothy Willi, an analyst with St. Louis-based A.G. Edwards & Sons, referring to Fote's departure last week.

Fote leaves after only three years at the helm of First Data. Fote, it seems, may have done a good job attracting merchant-processing volume at a time when debit card use at point-of-sale …