“After months of pressure from California officials and shareholders, PG&E Corp. on Wednesday tapped a longtime utility executive to run the company and unveiled a plan to replace most of its board of directors,” as The Chronicle is reporting.
“Bill Johnson, the outgoing chief of the Tennessee Valley Authority, is expected to take the post of PG&E CEO later this month, replacing John Simon, who has served as interim CEO since Geisha Williams abruptly left the company right before it announced it would seek bankruptcy protection three months ago.
“At the same time, PG&E said it is appointing 10 new directors, replacing all but three of the board’s current members. They will join the board at the next meeting, which the company plans to hold as soon as is practical and choose a chair from its ranks.
“PG&E is also proposing that Johnson sit on the board. All 14 of its proposed directors will stand for election at the May 21 shareholders’ meeting, PG&E said.
“The next chief executive and the new directors face the daunting task of steering the company while it restructures in Bankruptcy Court and tries to minimize the likelihood that its power lines will ignite more catastrophic wildfires.
“Both PG&E Corp. and its subsidiary Pacific Gas and Electric Co. filed for bankruptcy protection in late January, citing potential wildfire liabilities that could exceed $30 billion.”
The rest of the article is here.