Board of Directors
Jack A. Fusco
Jack A. Fusco, who served as Chief Executive Officer of Calpine from August 2008 to May 2014 and has been a member of the Board of Directors since August 2008, became Executive Chairman of Calpine’s Board of Directors in May 2014. As Executive Chairman, he focuses on corporate strategy including capital allocation efforts to maximize shareholder returns, and advocating for fair and competitive power markets and responsible environmental regulation. Mr. Fusco received recognition as Best CEO in the electric industry by Institutional Investor in 2012 as ranked by all industry analysts and for Best Investor Relations by a CEO or Chairman among all mid-cap companies by IR Magazine in 2013. Prior to joining Calpine, Mr. Fusco served as Chairman and Chief Executive Officer of Texas Genco LLC, an independent power company (IPP), from July 2004 to February 2006 when it was sold through a merger. From 2002 until July 2004, Mr. Fusco was an exclusive energy investment advisor for the private equity firm Texas Pacific Group, which became an investor in Texas Genco. From November 1998 until February 2002, Mr. Fusco served as President and Chief Executive Officer of Orion Power Holdings, Inc., an IPP that he helped found. Previously, Mr. Fusco was 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.
President and Chief Executive Officer
Thad Hill became Calpine’s President and Chief Executive Officer and a member of its Board of Directors in May 2014. Mr. Hill joined the company in September 2008 as Executive Vice President and Chief Commercial Officer. He became Chief Operating Officer in October 2010 and was named President in December 2012. Prior to Calpine, Mr. Hill was with NRG Energy from 2006 to 2008, serving as President of NRG Texas in 2007- 2008. Prior to NRG, Mr. Hill was Executive Vice President of Strategy and Business Development at Texas Genco LP from 2005 to 2006. From 1995 to 2005, he was with Boston Consulting Group Inc., where he rose to Partner and Managing Director and led the North American energy practice, serving companies in the power and gas sector with a focus on commercial and strategic issues. Mr. Hill received his Bachelor of Arts degree from Vanderbilt University magna cum laude and a Master of Business Administration degree from the Amos Tuck School of Dartmouth College, where he was elected an Edward Tuck Scholar.
Lead Independent Director
Mr. Cassidy became a director of Calpine on Jan. 31, 2008, and has served as lead independent director since May 2014. He previously served as Chairman of the Compensation Committee. 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 a member of the Compensation 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.
Chair, Compensation Committee & Member, Nominating and Governance Committee
Mr. Mosbacher became a director of Calpine on Feb. 11, 2009. Mr. Mosbacher is the Chairman of Mosbacher Energy Company, a privately-held independent oil and gas exploration and production company located in Houston, Texas. Prior to that, 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 Chair of Calpine’s Compensation Committee and a member of its Nominating and Governance 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.