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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