Getting your player ready...
San Jose, Calif. – Power merchant Calpine Corp. said Tuesday it has replaced its longtime chief executive as well as its chief financial officer in an abrupt shake-up that sent the company’s stock price below $1 as investors fretted about a possible bankruptcy.
The San Jose, Calif.-based company depicted the departures of CEO Peter Cartwright and CFO Robert D. Kelly as a pivotal step toward alleviating myriad financial headaches.
Calpine board member Kenneth Derr, who retired as Chevron Corp.’s CEO in 1999, will lead the company temporarily. Eric Pryor is interim CFO.
