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SAN FRANCISCO (AP) - Struggling power merchant Calpine Corp. on Monday hired veteran troubleshooter Robert P. May as its new CEO, entrusting him to clean up a financial mess that could force the company to seek bankruptcy protection.
May, 56, takes over from Calpine director Kenneth Derr, who had been handling the chief executive's job on an interim basis since the San Jose, Calif.-based company ousted its founder, Peter Cartwright, two weeks ago.
Calpine is tying its fortunes to an executive well seasoned in crisis management.
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