News, Events, Directory
Last Updated:
Executive Search - Executive Job Search
Executive resigns Executive appointments Power Executive Job Search Executive search firms directory Executive search news Executive search resources Executive Job Search Travel

Calpine names new chief executive

Calpine names new chief executive

By Leonard Anderson
Mon Dec 12, 7:50 PM ET

SAN FRANCISCO (Reuters) - Calpine Corp. (Other OTC:CPNL - news) on Monday picked Robert May, who helped steer recoveries at HealthSouth Corp. (Other OTC:HLSH - news) and Charter Communications Inc. (Nasdaq:CHTR - news), to be chief executive officer of the independent power producer.

Peter Cartwright, who founded the company in 1984, was removed as chairman and chief executive by the board of directors two weeks ago after a Delaware judge ruled that Calpine had improperly used proceeds from asset sales to purchase natural gas to fuel its power plants.

The ouster of Cartwright and Chief Financial Officer Robert Kelly raised concerns that California-based Calpine was on the brink of bankruptcy. It is not yet clear if the company will seek such protection as it labors under $17 billion in debt.

May said Calpine needed "to reduce our debt levels, improve our balance sheet and align our business strategy and operational structure with the current economic climate and energy market conditions."

May will also become a director of Calpine.

Kenneth Derr, former chief executive at Chevron Corp.(NYSE:CVX - news) and acting Calpine CEO after Cartwright left, said Calpine needed the kind of improvements May had engineered in previous posts.

May helped guide health-care provider HealthSouth through an accounting scandal and led a turnaround at debt-plagued cable television company Charter Communications as interim


The immediate challenge for Calpine is the legal battle now underway in Delaware.

Calpine has said repeatedly that it may be unable to meet a January 22 deadline set by the Delaware Chancery Court to repay noteholders about $312 million it spent to buy gas for its plants.

The company has said that bankruptcy may be an option if the order is upheld.

Wilmington Trust, trustee for certain noteholders, wants to accelerate Calpine's repayment to no later than January 3.

The Delaware Supreme Court is due to hear oral arguments on the case on December 15.

Calpine said in an appeal to the court, filed after the close of business on Friday, that the Chancery Court took an overly narrow view of certain terms of the company's second lien notes, leading to its ruling that Calpine had to repay the asset sale proceeds.

Wilmington Trust, in its appeal, said the Chancery Court abused its discretion in giving Calpine until January 22 to make the repayment.

source >>>
Calpine names new chief executive - Yahoo! News

No comments:

Post a Comment

Executive Job Search Engines

what where
job title or skills city, state or zip Jobs by SimplyHired
what where
job title, keywords or company
city, state or zip jobs by job search

AESC"s SearchWire

ERE Blog Central | ERE Blog Network

NYT > Job Market

Executive Search news by Topix

Spearhead Intersearch News