Calpine Corp. announced that Jack Fusco, president and CEO since August 2008, has agreed to extend the term of his contract through December 2015. Fusco will continue to serve as CEO through the May 2014 Annual Meeting.
After that time, he will serve as chairman of the board of directors.Calpine is based in Houston, Texas. It has a regional headquarters in Wilmington.
Calpine operates the Edgmoor power plant near Wilmington and has filed plans to build a natural gas-fired power plant in Dover. The Edgemoor plant was owned by Pepco, parent of Delmarva Power.
“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 President, effective immediately. 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 Fusco.