Board of Directors

J. Stuart Ryan
Chairman of the Board of Directors

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 Compensation 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
President and Chief Executive Officer

Mr. Fusco has served as President and Chief Executive Officer of the Company and as a member of its board of directors since Aug. 10, 2008. From July 2004 to February 2006, Mr. Fusco served as the Chairman and Chief Executive Officer of Texas Genco LLC. From 2002 through July 2004, Mr. Fusco was an exclusive energy investment advisor for Texas Pacific Group. From November 1998 until February 2002, he served as President and Chief Executive Officer of Orion Power Holdings, Inc. Prior to joining Orion Power Holdings, Inc., Mr. Fusco was a Vice President at Goldman Sachs Power, an affiliate of Goldman, Sachs & Co. Prior to joining Goldman Sachs Power, Mr. Fusco was Executive Director of International Development and Operations for Pacific Gas & Electric Company’s non-regulated subsidiary PG&E Enterprises, Inc. Mr. Fusco obtained a Bachelor of Science Degree in Mechanical Engineering from California State University, Sacramento. Mr. Fusco served as a director of Foster Wheeler Ltd., a global engineering and construction contractor and power equipment supplier, until February 2009. Mr. Fusco has more than 25 years of experience in the power industry.

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.

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.

William E. Oberndorf
Member, Nominating and Governance Committee

Mr. Oberndorf became a director of Calpine on January 1, 2011. He is a founding partner of SPO Partners & Co. and currently serves as chairman of the boards of directors of Aggregates USA and Rosewood Hotels & Resorts, on the investment committee of Hotel Equity Funds and as director emeritus of Plum Creek Timber Co. Previously, he was board chairman of Voyager Learning Company and a member of the boards of Taft Broadcasting Company and Wometco Cable Television Corporation. Mr. Oberndorf earned a Master of Business Administration from Stanford Graduate School of Business and a Bachelor of Arts from Williams College. He is a member of Calpine’s 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.