PG&E appoints TVA's Johnson as next CEO, announces new board slate

Apr. 03, 2019 10:06 PM ETPG&E Corporation (PCG)By: Carl Surran, SA News Editor9 Comments
  • PG&E (NYSE:PCG) officially names Bill Johnson, current President and CEO of the Tennessee Valley Authority, as its new President and CEO and announces the appointment of 10 new directors to its board.
  • The 10 new board members include former Federal Energy Regulatory Commissioner Nora Mead Brownell, Xcel Energy executive Cheryl Campbell, and Oaktree Capital Management head of restructuring Kenneth Liang.
  • Three current board members, including current chairman and former Xcel CEO Richard Kelly, will remain on the board.
  • Three investors that own 9.8% of PG&E’s shares - Abrams Capital Management Knighthead Capital Management and Redwood Capital Management - have been working with the company to assemble the new lineup, working with the Jones Day law firm, WSJ reports.
  • “This proposed board still raises concerns, particularly the large representation of Wall Street interests and most board nominees’ lack of relevant California experience,” says California's Gov. Newsom.

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