Cheniere Energy Inc. (NYSE: LNG) said May 12 it has appointed Jack A. Fusco as its president and CEO.
Effective immediately, Fusco will succeed Neal A. Shear, who had replaced Charif Souki, the Houston-based company's co-founder, as president and CEO on an interim basis.
In December 2015, Cheniere’s board terminated Souki after 19 years at the company, and months after activist investor Carl Icahn took a big stake in the company. Andrea Botta also replaced Souki as chairman.
RELATED: After Squaring Off With Icahn, Cheniere CEO Souki Replaced
Fusco joins Cheniere from Calpine Corp. (NYSE: CPN), where he most recently served as executive chairman of the board of directors. He had previously served as Calpine's CEO from 2008 to 2014.
He has a career of more than 30 years in the energy industry, which began with his employment at Pacific Gas & Electric Co. upon graduation from California State University, Sacramento with a Bachelor of Science in Mechanical Engineering in 1984.
Cheniere has granted one-time employee inducement awards of 236,381 restricted shares to Fusco as of May 12.
Under his employment agreement with the company, Fusco has agreed to purchase $10 million worth of Cheniere's common shares by no later than year-end 2016.
Recommended Reading
Gunvor Group Inks Purchase Agreement with Texas LNG Brownsville
2024-03-19 - The agreement with Texas LNG Brownsville calls for a 20-year free on-board sale and purchase agreement of 0.5 million tonnes per annum of LNG for a Gunvor Group subsidiary.
US Expected to Supply 30% of LNG Demand by 2030
2024-02-23 - Shell expects the U.S. to meet around 30% of total global LNG demand by 2030, although reliance on four key basins could create midstream constraints, the energy giant revealed in its “Shell LNG Outlook 2024.”
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
Baker Hughes Detects LNG Slowdown Solutions, Global Opportunities
2024-01-26 - Baker Hughes’ fourth quarter earnings call confronts Biden’s halt on LNG permitting with “solve itself” attitude.
Asia Spot LNG at 3-month Peak on Steady Demand, Supply Disruption
2024-04-12 - Heating demand in Europe and production disruption at the Freeport LNG terminal in the U.S. pushed up prices, said Samuel Good, head of LNG pricing at commodity pricing agency Argus.