Calpine Corporation (NYSE: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.”