Cheniere Energy Inc. has announced that the board of directors has appointed Jack A. Fusco as President and CEO of the company. Fusco, who will join from Calpine Corp., will commence his role immediately. He will succeed Neal A. Shear, who has served as the interim President and CEO since December 2015.
G. Andrea Botta, the Chairman of the Board, said: “Jack has spent over thirty years in the energy industry and has significant experience leading companies with large-scale, asset-intensive portfolios and implementing corporate strategies focused on capital allocation, strategic developments and optimising shareholder value. This experience will translate well as we make our transition into one of the top global LNG companies with a platform substantially underpinned with long-term sale and purchase agreements.
“The board of directors would like to thank Neal for his leadership during his term as interim President and CEO. During this period, Cheniere began exporting LNG from the first train completed at Sabine Pass; construction of the additional trains continues on time and on budget. Neal will continue to serve on the board of directors and will be a special advisor to the CEO, ensuring an orderly transition."
Fusco said: “Cheniere is well-positioned for success as a global LNG market leader and I look forward to building upon the many successes achieved to date. Our priorities will be focused on continued execution and completion of the LNG trains, both under construction and under development, and further commercialisation of our LNG portfolio.
“Finally, I look forward to working with the Cheniere team as we seek to create long-term value for our shareholders."
At Calpine, Fusco served as CEO and a member of the board of directors (August 2008 – May 2014), and as Executive Chairman of the company from May 2014 – 11 May 2016. Under his employment agreement with Cheniere, he has agreed to buy US$10 million worth of the company’s common shares by 31 December 2016 latest.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/12052016/cheniere-appoints-new-president-and-ceo-2438/