Coulter, 58, is managing director and senior adviser at Warburg Pincus, focusing on the firm's financial services practice.
From January 2001 to September 2005, he was vice chairman of
. Previously he was vice chairman of Chase Manhattan and a partner in the Beacon Group.
"I am very pleased to have David join our Board of Directors," said CEO Ric Duques. "David's deep knowledge and experience in financial services combined with his stature as an industry leader will allow him to contribute significantly to the company as we move ahead. I look forward to working closely with David and the rest of the Board to ensure that First Data remains at the forefront of the rapidly evolving payments industry."
On Wednesday, First Data rose 50 cents to $44.17.