Robert P. May Announces Intent to Leave Calpine after Orderly Transition
February 29 2008 - 6:06AM
Business Wire
Calpine Corporation (NYSE: CPN) today announced that, after
discussion with its Board of Directors, Robert P. May, its Chief
Executive Officer and a director, has announced his intent to leave
the Company once a successor is in place. In order to ensure an
orderly transition, the Board intends to extend Mr. May�s
employment contract with Calpine until the management transition
has been completed. The Board has formed a search committee and
will be selecting an executive search firm to identify qualified
candidates to lead the Company on a permanent basis. The members of
the search committee are William J. Patterson, who is also the
Chairman of Calpine�s Board of Directors, Frank Cassidy and Denise
M. O�Leary. �It has been a great honor to lead Calpine�s employees,
one of the finest groups in the country, and I am very proud of all
that we have accomplished together over the last two years,� said
Mr. May. �Now that Calpine has emerged as a strong, focused
competitor with an appropriate financial structure, now is the
right time to identify a successor who will take Calpine to the
next level. I have every confidence that Calpine will continue its
positive momentum as one of most important providers of reliable �
and environmentally responsible � electricity in this country.�
�The Board and I would like to thank Bob for his tremendous
contributions during his tenure with Calpine and we respect his
decision to begin this transition process,� said William J.
Patterson, Chairman of Calpine's Board. �His leadership, experience
and knowledge helped Calpine successfully navigate one of the
largest and most complex reorganizations in corporate history. He
led a talented team that implemented and managed operational and
financial improvements, substantially enhancing the value of
Calpine and leaving it well positioned for success.� Over the past
30 years, Mr. May, age 58, has served in various senior management
and executive positions. Most recently, he served as Interim
President and Chief Executive Officer of Charter Communications
from January 2005 to August 2005. For HealthSouth Corporation, he
was non-executive Chairman of the Board from July 2004 to October
2005; Interim Chief Executive Officer from March 2003 until May of
2004; and served as a Board member from 2002 to 2005. About Calpine
Calpine Corporation is helping meet the needs of an economy that
demands more and cleaner sources of electricity. Founded in 1984,
Calpine is a major U.S. power company, currently capable of
delivering approximately 24,000 megawatts of clean, cost-effective,
reliable, and fuel-efficient electricity to customers and
communities in 18 states in the United States. Calpine owns,
leases, and operates low-carbon, natural gas-fired, and renewable
geothermal power plants. Using advanced technologies, Calpine
generates electricity in a reliable and environmentally responsible
manner for the customers and communities it serves. Please visit
http://www.calpine.com for more information. Forward Looking
Statement In addition to historical information, this release
contains forward-looking statements within the meaning of
Section�27A of the Securities Act and Section 21E of the Exchange
Act. 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 all 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. Such risks and
uncertainties include, but are not limited to: (i) Calpine�s
ability to implement its business plan; (ii) financial results that
may be volatile and may not reflect historical trends; (iii)
seasonal fluctuations of results and exposure to variations in
weather patterns; (iv) potential volatility in earnings associated
with fluctuations in prices for commodities such as natural gas and
power; (v) ability to manage liquidity needs and comply with
covenants related to the Exit Credit and Bridge Facilities and
other existing financing obligations; (vi) Calpine�s ability to
complete the implementation of its Plan of Reorganization and the
discharge of its chapter�11 cases including successfully resolving
any remaining claims; (vii) disruptions in or limitations on the
transportation of natural gas and transmission of electricity;
(viii) the expiration or termination of power purchase agreements
and the related results on revenues; (ix) risks associated with the
operation of power plants including unscheduled outages; (x)
factors that impact the output of Calpine�s geothermal resources
and generation facilities, including unusual or unexpected steam
field well and pipeline maintenance and variables associated with
the waste water injection projects that supply added water to the
steam reservoir; (xi) risks associated with power project
development and construction activities; (xii) ability to attract,
retain and motivate key employees including filling certain
significant positions within Calpine�s management team; (xiii)
ability to attract and retain customers and counterparties; (xiv)
competition; (xv) risks associated with marketing and selling power
from plants in the evolving energy markets; (xvi) present and
possible future claims, litigation and enforcement actions; (xvii)
effects of the application of laws or regulations, including
changes in laws or regulations or the interpretation thereof; and
(xviii) other risks identified from time-to-time in Calpine�s
reports and registration statements filed with the SEC, including,
without limitation, the risk factors identified in its Annual
Report on Form 10-K for the year ended December 31, 2007. 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. Unless
specified otherwise, all information set forth in this release is
as of today's date and Calpine undertakes no duty to update this
information. For additional information about Calpine's chapter 11
reorganization or general business operations, please refer to
Calpine's Annual Report on Form 10-K for the fiscal year ended
December 31, 2007, and any other recent Calpine report to the
Securities and Exchange Commission. These filings are available by
visiting the Securities and Exchange Commission's website at
http://www.sec.gov or Calpine's website at http://www.calpine.com.
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