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TMCNet:  Calpine's president and CEO extends contract

[January 01, 2013]

Calpine's president and CEO extends contract

Jan 01, 2013 (Datamonitor via COMTEX) -- Calpine Corporation, an independent wholesale power producer, has announced that Jack Fusco, President and CEO has agreed to extend the term of his contract through December 2015. Mr Fusco will continue to serve as CEO through the May 2014, 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." The Company also appointed Thad Hill as new president and announced the contract extension of Thad Miller, Executive vice president, Chief Legal Officer and Secretary, through December 2015.

Mr. Hill joined Calpine in September 2008 as Executive vice president and Chief Commercial Officer and became COO 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." 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.

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