San Jose, CA, Mar. 6, 2008 — Calpine Corp. announced that, after discussion with its board of directors, Robert P. May, its CEO 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 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 May.
“His leadership, experience and knowledge helped Calpine successfully navigate one of the largest and most complex reorganizations in corporate history,” said Patterson.
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