NEW YORK (AFX) -- Shares of Calpine sank early Tuesday after the company announced the departure of its founder Peter Cartwright from the chairman, president and CEO positions.
The San Jose, Calif.-based power provider also said that Robert Kelly, its chief financial officer, is no longer with the company.
The stock lost 38 cents, or 29.6%, to 87 cents. Volume of 26.8 million led the New York Stock Exchange's most active list.
The company named Kenneth Derr as chairman and acting CEO, and Eric Pryor, its deputy chief financial officer, to the interim CFO position. Derr was lead director on Calpine's board, and he previously served as chairman and CEO of Chevron Corp. .
"Pete founded Calpine and has been the driving force behind the company's tremendous growth in the North American power industry," said Derr. "His 20-plus years of leadership have culminated in Calpine becoming one of North America's largest power producers."
Last week, Calpine shares were hit by a court ruling that it cannot use roughly $395 million in proceeds from the sale of certain oil and natural-gas assets to buy natural gas to run its power plants this winter.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
The San Jose, Calif.-based power provider also said that Robert Kelly, its chief financial officer, is no longer with the company.
The stock lost 38 cents, or 29.6%, to 87 cents. Volume of 26.8 million led the New York Stock Exchange's most active list.
The company named Kenneth Derr as chairman and acting CEO, and Eric Pryor, its deputy chief financial officer, to the interim CFO position. Derr was lead director on Calpine's board, and he previously served as chairman and CEO of Chevron Corp. .
"Pete founded Calpine and has been the driving force behind the company's tremendous growth in the North American power industry," said Derr. "His 20-plus years of leadership have culminated in Calpine becoming one of North America's largest power producers."
Last week, Calpine shares were hit by a court ruling that it cannot use roughly $395 million in proceeds from the sale of certain oil and natural-gas assets to buy natural gas to run its power plants this winter.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
