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Board of Directors


J. Stuart Ryan
Chairman of the Board of Directors & Member, Nominating and Governance Committee


Mr. Ryan became chairman of Calpine’s Board of Directors on Nov. 3, 2010. He has been a director of Calpine since Jan. 31, 2008. Mr. Ryan is the founding owner and President of Rydout, LLC, a private investment firm focused on the energy and power industries since February 2003. He also has been a venture partner with SPO Partners & Co. since 2003. In 2010, Mr. Ryan joined the Advisory Board of Banyan Energy, Inc. Banyan is a venture stage company developing optical concentrators for solar modules. From 1986 through 2003, Mr. Ryan held various management positions with The AES Corporation, a global power company, including Executive Vice President from February 2000 and Chief Operating Officer from February 2002. Mr. Ryan obtained a Bachelor of Science degree from Lehigh University and a Master of Business Administration degree from Harvard University. Mr. Ryan is a member of the Nominating and Governance Committee.

Frank Cassidy
Chair, Compensation Committee


Mr. Cassidy became a director of Calpine on Jan. 31, 2008. Prior to his retirement in 2007, Mr. Cassidy was employed at Public Service Enterprise Group, Inc. (“PSEG”), an energy and energy services company, where he had worked since 1969. From 1999 to 2007, Mr. Cassidy served as President and Chief Operating Officer of PSEG Power LLC, the wholesale energy subsidiary of PSEG. From 1996 to 1999, Mr. Cassidy was President and Chief Executive Officer of PSEG Energy Technologies, Inc. Prior to 1996, Mr. Cassidy held various positions of increasing responsibility at the Public Service Electric and Gas Company. Mr. Cassidy obtained a Bachelor of Science degree in Electrical Engineering from the New Jersey Institute of Technology and a Master of Business Administration degree from Rutgers University. Mr. Cassidy is the chair of the Compensation Committee.

Jack A. Fusco
Chief Executive Officer


Jack A. Fusco has served as Calpine’s Chief Executive Officer and a member of its Board of Directors since August 2008. He also served as its President from August 2008 through December 2012. Mr. Fusco will continue to serve as CEO through the May 2014 annual board meeting, immediately following which he will become Executive Chairman of the Board of Directors. Mr. Fusco was named Best CEO in the electric industry by Institutional Investor based on a national survey of buy-side and sell-side investment analysts in 2012, and he received a top ranking from buy-side analysts in 2011. He also received the award for Best IR by a CEO or Chairman among all mid-cap companies in the 2013 IR Magazine Awards. Prior to joining Calpine, Mr. Fusco served as Chairman and Chief Executive Officer of Texas Genco LLC from July 2004 to February 2006. From 2002 until July 2004, Mr. Fusco was an exclusive energy investment advisor for Texas Pacific Group. From November 1998 until February 2002, Mr. Fusco served as President and Chief Executive Officer of Orion Power Holdings, Inc., which he helped found. Previously, Mr. Fusco was a vice president at Goldman Sachs Power, an affiliate of Goldman, Sachs & Co., where he focused on wholesale electric commodity trading and marketing. Prior to joining Goldman Sachs, Mr. Fusco was employed by Pacific Gas & Electric Company or its affiliates in various engineering and management roles for approximately 13 years. Mr. Fusco, who started his career as an operator at power plants in California, has over 30 years of experience in the power industry. He holds a Bachelor of Science in Mechanical Engineering from California State University, Sacramento.

Robert C. Hinckley
Member, Audit Committee & Member, Nominating and Governance Committee


Mr. Hinckley became a director of Calpine on Jan. 31, 2008. Mr. Hinckley was an advisor to Xilinx, Inc., a supplier of programmable logic devices, from 1999 to 2001. From 1991 to 1999, he was the Vice President, Strategic Plans and Programs as well as General Counsel and Secretary of Xilinx, Inc. In 1994, he also served as Xilinx’s Chief Operating Officer. Prior to joining Xilinx, Mr. Hinckley was the Senior Vice President and Chief Financial Officer of Spectra Physics, Inc. Mr. Hinckley spent 11 years on active duty in the U.S. Navy. Mr. Hinckley obtained a Bachelor of Science degree from the U.S. Naval Academy. He earned his Juris Doctorate degree from Tulane University Law School. Mr. Hinckley currently is Chairman and Managing Director of MCL Intellectual Property LLC and participates as a member of the board of directors and advisory boards of several privately held companies. Mr. Hinckley is an adjunct Professor of Law at Tulane Law School and is a member of the Law School Dean’s Advisory Board. Mr. Hinckley is a member of both the Audit Committee and the Nominating and Governance Committee.

Michael W. Hofmann
Member, Audit Committee & Member, Compensation Committee


Mr. Hofmann became a director of Calpine on May 10, 2013. From 1991 until his retirement in 2012, Mr. Hofmann was employed in various capacities at Koch Industries, Inc., one of the largest private companies in America. From 2005 until 2012, Mr. Hofmann served as Vice President and Chief Risk Officer at Koch and also held the position of Chief Risk Officer beginning in 2000 after serving as Chief Market Risk Officer during 1999. Prior to 1999, Mr. Hofmann held various positions of increasing responsibility at Koch, including in its commodity trading operations. Before joining Koch, he had a seven-year audit career with KPMG Peat Marwick. Mr. Hofmann previously served as a member of the economic advisory council for the Federal Reserve Bank of Kansas City and is a member of the Board of Trustees of the Global Association of Risk Professionals, a globally recognized membership association for risk managers. Mr. Hofmann obtained a Master of Business Administration degree as well as a Bachelor of Business Administration degree in Accounting from Wichita State University.

David C. Merritt
Chair, Audit Committee


Mr. Merritt became a director of Calpine on Feb. 8, 2006. Mr. Merritt is President and owner of BC Partners, Inc. and served as Senior Vice President and Chief Financial Officer of iCRETE LLC from October 2007 to March 12, 2009. From October 2003 until September 2007, he served as Managing Director of Salem Partners LLC, an investment banking firm. Mr. Merritt was an audit and consulting partner of KPMG LLP from 1985 to 1999. Mr. Merritt obtained a Bachelor of Science degree in Business and Accounting from California State University, Northridge. Mr. Merritt also serves as a director of Outdoor Channel Holdings, Inc., Charter Communications, Inc. and Buffets Restaurants Holdings, Inc. Mr. Merritt is chair of the Audit Committee.

W. Benjamin Moreland
Member, Audit Committee


Mr. Moreland became a director of Calpine on Jan. 31, 2008. Mr. Moreland has been employed since 1999 by Crown Castle International Corp., a provider of wireless communications infrastructure in Australia, Puerto Rico and the U.S., in various capacities, including his current position as President and Chief Executive Officer and, prior to that, as Executive Vice President and Chief Financial Officer. Mr. Moreland is also a director at Crown Castle International. Prior to joining Crown Castle International, he held various positions in corporate finance and real estate investment banking with Chase Manhattan Bank from 1984 to 1999. Mr. Moreland obtained a Bachelor of Business Administration degree from the University of Texas, and a Master of Business Administration degree from the University of Houston. Mr. Moreland is a member of the Audit Committee.

Robert A. Mosbacher, Jr.
Member, Nominating and Governance Committee & Member, Compensation Committee


Mr. Mosbacher became a director of Calpine on Feb. 11, 2009. Mr. Mosbacher was appointed by President George W. Bush in 2005 as the President and Chief Executive Officer of the Overseas Private Investment Corporation (“OPIC”), an independent U.S. government agency that helps small, medium and large American businesses expand into developing nations and emerging markets around the globe; he served in that position through January 2009. From 1986 until 2005, he served as President and Chief Executive Officer of Mosbacher Energy Company. From 1995 to 2003, Mr. Mosbacher also served as Vice Chairman of Mosbacher Power Group LLC. From August 1999 to October 2005, Mr. Mosbacher served as a Director of the Devon Energy Corporation. He also served on Devon’s Compensation Committee from June 2003 to October 2005. In April 2009, Mr. Mosbacher resumed his role as a director of Devon, and, in June 2009, he resumed his role as a member of Devon’s Compensation Committee. Mr. Mosbacher obtained a Bachelor of Arts degree in Political Science from Georgetown University and a Juris Doctorate from Southern Methodist University. Mr. Mosbacher is a member of Calpine’s Nominating and Governance Committee and the Compensation Committee.

Denise M. O'Leary
Chair, Nominating and Governance Committee & Member, Compensation Committee


Ms. O’Leary became a director of Calpine on Jan. 31, 2008. Since 1996, she has been a private venture capital investor in a variety of early stage companies. From 1983 to 1996, Ms. O’Leary was an associate, then general partner, at Menlo Ventures, a venture capital firm providing long-term capital and management services to development stage companies. From 2002 to 2006, Ms. O’Leary was a member of the Board of Directors of Chiron Corporation, at which time the company was sold to Novartis AG. She obtained a Bachelor of Science degree in Industrial Engineering from Stanford University. Ms. O’Leary obtained a Master in Business Administration from Harvard Business School. Ms. O’Leary is also a director of U.S. Airways Group, Inc., and Medtronic, Inc. Ms. O’Leary is a member of the Compensation Committee of U.S. Airways Group, Inc. Ms. O’Leary is the chair of the Nominating and Governance Committee and a member of the Compensation Committee.


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