Calpine CEO Jack Fusco Extends Contract; To Become Executive Chairman in 2014
HOUSTON--(BUSINESS WIRE)-- Calpine Corporation (NYS: CPN) today announced that Jack Fusco, President and Chief Executive Officer since August 2008, has agreed to extend the term of his contract through December 2015. Mr. Fusco will continue to serve as CEO through the May 2014 Annual Meeting, immediately following which he will become Executive Chairman of the Board of Directors.
"The Board of Directors is delighted to have Jack continue to lead Calpine. Jack's vision has been instrumental in positioning Calpine to benefit from America's move toward greater reliance on cleaner and more efficient natural gas-fired electricity generation and from the tightening supply and demand dynamics in key markets," said J. Stuart Ryan, Chairman of the Board of Directors. "Jack, who began his career working in power plants, has inspired the Calpine team to achieve continuous improvement across the organization. He also has tirelessly advocated for fair and transparent competitive markets as well as responsible environmental regulations, all the while enhancing Calpine's reputation with our investors."
Recently, buy-side and sell-side investment analysts ranked Mr. Fusco as the best CEO in the electric industry, according to Institutional Investor Magazine. Both sets of analysts gave him a first-place ranking in the magazine's 2012 All-American Executive Team awards.
The Company also appointed Thad Hill as President, effective immediately. Mr. Hill joined Calpine in September 2008 as Executive Vice President and Chief Commercial Officer and became Chief Operating Officer in October 2010. Mr. Hill will continue to serve as COO and to report to Mr. Fusco.
"I've known Thad for many years. He possesses a deep understanding of our markets and operations and has demonstrated the clear ability to make sound business decisions," said Mr. Fusco. "I am confident that Thad will continue to inspire even better, smarter performance by our team while helping to make strategic and tactical decisions that benefit Calpine's shareholders."
Finally, the Company announced that Thad Miller, Executive Vice President, Chief Legal Officer and Secretary, has also agreed to extend the term of his contract through December 2015. Mr. Miller joined Calpine in August 2008 with responsibility for legal matters, governmental, regulatory and market relations, corporate communications, internal audit, compliance and insurance. Mr. Miller will continue to report to Mr. Fusco.
Mr. Fusco previously served as Chairman and CEO of Texas Genco LLC, CEO of Orion Power Holdings, Inc., and Vice President at Goldman Sachs and held various positions at Pacific Gas & Electric. Mr. Hill previously served as Executive Vice President of NRG and President of NRG Texas, Executive Vice President of Texas Genco and head of Boston Consulting Group's North American Energy Practice. Mr. Miller previously served as Chief Legal Officer of Texas Genco and Orion Power and Vice President at Goldman Sachs.
Calpine Corporation is the largest independent power producer in the U.S., with a fleet of 94 power generation plants representing nearly 29,000 megawatts of generation capacity. Last year our plants generated more than 94 million megawatt hours of power for our wholesale customers in 20 states and Canada. Our 92 operating plants as well as two under construction consist primarily of natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our modern, clean, efficient and cost-effective fleet stands ready to respond to the increased need for cleaner and more affordable power as the economy recovers, as new environmental rules are implemented and force older, dirtier plants to retire or reduce generation, as variable renewable power generation from wind and solar grows and with it the need for flexible natural gas generation to assure firm supply to the grid, and finally, as natural gas becomes economically competitive with coal as a fuel for power generation. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.
In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended Dec. 31, 2011. These filings are available by visiting the Securities and Exchange Commission's website at www.sec.gov or Calpine's website at www.calpine.com. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.
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