Cheniere Energy Likely to Name Fusco as CEO

Cheniere Energy Inc., the U.S. natural gas exporter that ousted its founder amid pressure from billionaire Carl Icahn, is poised to name longtime power industry executive Jack Fusco as its new chief executive, according to people familiar with the matter.

Cheniere may announce the change as soon as Thursday, the people said. Mr. Fusco is currently executive chairman of Calpine Corp.

A spokeswoman for Cheniere didn't immediately return a call or an email seeking comment.

Mr. Fusco's installation as Cheniere's new chief comes after a messy boardroom drama led to the December ouster of founder Charif Souki, who raced ahead of competitors to build plants that could cool natural gas into liquid form in order to export it.

The company recently became the first to export natural gas outside of Alaska amid a multibillion-dollar race to do so by a host of energy companies. It has been forced to set aside some of its expansion plans in the face of a glut that is developing for liquefied natural gas.

Mr. Fusco stepped down as CEO of Calpine in May 2014, a position he held for about six years. He began his career as an operator of power plants in California about three decades ago.

Mr. Icahn has taken credit for pushing Mr. Souki out, citing his bid to build additional LNG capacity using borrowed funds, and his outsize compensation.

Erin Ailworth contributed to this article.

(END) Dow Jones Newswires

May 11, 2016 21:15 ET (01:15 GMT)

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