Cheniere Energy Likely to Name Fusco as CEO
May 11 2016 - 9:30PM
Dow Jones News
Cheniere Energy Inc., the U.S. natural gas exporter that ousted
its founder amid pressure from billionaire Carl Icahn, is poised to
name longtime power industry executive Jack Fusco as its new chief
executive, according to people familiar with the matter.
Cheniere may announce the change as soon as Thursday, the people
said. Mr. Fusco is currently executive chairman of Calpine
Corp.
A spokeswoman for Cheniere didn't immediately return a call or
an email seeking comment.
Mr. Fusco's installation as Cheniere's new chief comes after a
messy boardroom drama led to the December ouster of founder Charif
Souki, who raced ahead of competitors to build plants that could
cool natural gas into liquid form in order to export it.
The company recently became the first to export natural gas
outside of Alaska amid a multibillion-dollar race to do so by a
host of energy companies. It has been forced to set aside some of
its expansion plans in the face of a glut that is developing for
liquefied natural gas.
Mr. Fusco stepped down as CEO of Calpine in May 2014, a position
he held for about six years. He began his career as an operator of
power plants in California about three decades ago.
Mr. Icahn has taken credit for pushing Mr. Souki out, citing his
bid to build additional LNG capacity using borrowed funds, and his
outsize compensation.
Erin Ailworth contributed to this article.
(END) Dow Jones Newswires
May 11, 2016 21:15 ET (01:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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