Calpine, the electrical services company based in San Jose, CA is preparing for bankruptcy. This will mean the loss of 3 more women on the boards of directors of California-based Fortune 1000 firms.

Two directors already have left –- the CEO was outsted by the board (Peter Cartwright, 75 years of age –- Chairman of the Board, President/CEO of Calpine) and the other resigned (Gerald Greenwald, 69 -– Managing Partner, Greenbriar Equity Group)

Calpine had a 30% share of women on their board: 3 out of 9 directors. In 2005,
2 of the 3 women ran for re-election to the board.

- Susan C. Schwab, 50 – President, CEO, University System of Maryland Foundation
- Susan Wang, 54 – Retired, Former EVP and CFO of Solectron Corp.

One other woman was to have her terms expire in 2007:

- Ann B. Curtis, 54 – Executive VP, Vice Chair of the Board, and Corp. Secretary of Calpine

The remaining directors included:

- Kenneth T. Derr, 68 – Retired, Former Chair and CEO of Chevron Corp.
- Jeffrey E. Garten, 58 – Dean, Yale School of Management
- George J. Stathakis, 74 – CEO, George J. Stathakis & Associates
- John O. Wilson, 66 – Professor, University of CA, Berkeley

Maybe Calpine could have used a few more financially savvy women and men on their board of directors rather than so many academicians.