Calpine Top Executives Resign

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Calpine Corp. on Tuesday replaced its chief executive and chief financial officer as the power producer struggles with a $17 billion debt load and a recent court ruling that restricts its ability to buy fuel for its plants.


Calpine, weighed down by accounting and power pricing issues that arose from the Enron collapse and the California power crisis in 2000-2001, named lead director Kenneth Derr chairman and acting chief executive, replacing Peter Cartwright. The largest U.S. independent power producer also named Eric Pryor interim chief financial officer, replacing Robert Kelly.


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