Calpine CEO To Receive $29M Bonus

Law360, New York (March 3, 2008, 12:00 AM EST) -- After guiding Calpine Corp. through two years of bankruptcy proceedings, CEO Robert May will leave the company $29 million richer.

May said on Friday that he would resign from his position at the newly emerged energy company, which will pay him $29 million for his role in the restructuring process.

“Now that Calpine has emerged as a strong, focused competitor with an appropriate financial structure, now is the right time to identify a successor who will take Calpine to the next level,” May said.

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