Cheniere Energy Inc. (NYSE MKT: LNG) has appointed Jack A. Fusco as president and CEO, effective immediately. Fusco succeeds Neal A. Shear, who has served as Cheniere's interim president and CEO since December 2015.
Most recently, Fusco served as CEO and a member of the board of directors of Calpine Corp. from August 2008 to May 2014 and as executive chairman from May 2014 through May 11, 2016. Fusco was recruited by Calpine's key shareholders in 2008, just as that company was emerging from bankruptcy. He will continue to serve as a director on the board of Calpine.
Fusco's has over 30 years of experience in the energy industry, beginning with Pacific Gas & Electric Co. upon graduation from California State University, Sacramento with a bachelor’s degree Science in Mechanical Engineering in 1984. He joined Goldman Sachs thirteen years later as a vice president with responsibility for commodity trading and marketing of wholesale electricity, a role that led to the creation of Orion Power Holdings, an independent power producer that Fusco helped found with backing from Goldman Sachs, where he served as president and CEO from 1998-2002. In 2004, he was asked to serve as chairman and CEO of Texas Genco LLC by a group of private institutional investors.
Cheniere has granted one-time employee inducement awards of 236,381 restricted shares to Fusco as of May 12, 2016. Under Fusco's employment agreement with the company, he has agreed to purchase $10,000,000 worth of Cheniere's common shares by no later than December 31, 2016.