•  
  •  
  •  

PG&E names CEO replacement

Power in California. Author: Jeff Turner. License: Creative Commons, Attribution 2.0 Generic.

April 8 (Renewables Now) - PG&E Corporation (NYSE:PCG), the San Francisco-based owner of debt-laden utility Pacific Gas and Electric Company, last week announced that William Johnson will be appointed CEO and president of the company.

Johnson, who is now ending a more than six-year tenure as president and CEO of the Tennessee Valley Authority (TVA), will replace PG&E’s interim CEO John Simon in late April 2019.

PG&E said in its statement that with the newly announced changes it aims to beef up its safety records and operational effectiveness, while also successfully navigating its Chapter 11 process. The utility filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in late January 2019, as it was burdened with liabilities following the 2017 and 2018 Northern California wildfires.

At TVA, Johnson guided the company towards retiring more than half of its coal generation and oversaw the addition of some 1,000 MW of utility -scale solar in recent years.

In addition to naming a new CEO, PG&E also anticipates to appoint 10 new directors to the company’s board, joining the three continuing members, Fred Fowler, Richard Kelly and Eric Mullins. The names of the new directors are: Richard Barrera, Jeffrey Bleich, Nora Mead Brownell, Cheryl Campbell, Michael Leffell, Kenneth Liang, Dominique Mielle, Meridee Moore, Kristine Schmidt and Alejandro Wolff. They will stand for election at the annual meeting, scheduled for May 21, 2019.

The refreshed board will be tasked with electing a new Chair and determine committee assignments.

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription