PG&E Appoints William Johnson As CEO
(RTTNews) - PG&E Corp. (PCG) announced the appointment of William "Bill" Johnson as Chief Executive Officer and President and the appointment of 10 new directors to its Board of Directors.
The Board appointments will be effective as of the next in-person Board meeting, which will be held as soon as practicable. The significant changes in leadership reflect PG&E's focus on strengthening its safety culture and operational effectiveness and successfully navigating the Company's Chapter 11 process.
Bill Johnson is concluding a more than six-year tenure as President and CEO of the Tennessee Valley Authority (TVA).
Prior to his tenure at TVA, Mr. Johnson was the Chairman, President and CEO of Progress Energy. Throughout his career in the electric utility industry, Mr. Johnson has collaborated closely with elected officials and other community leaders to deliver safe and reliable electricity to millions of customers. The Board expects Mr. Johnson to begin his role in late April 2019.
Effective as of the next in-person Board meeting, which will be held as soon as practicable, Richard Barrera, Jeffrey Bleich, Nora Mead Brownell, Cheryl Campbell, Michael Leffell, Kenneth Liang, Dominique Mielle, Meridee Moore, Kristine Schmidt and Alejandro Wolff will join continuing PG&E directors Fred Fowler, Richard Kelly and Eric Mullins on the Board.
In connection with these appointments, the remaining directors will be stepping down from the Board at that time. The members of the newly constituted Board will elect a new Chair of the Board and determine committee assignments. All PG&E directors, including the newly appointed directors, will stand for election at the Annual Meeting, scheduled for May 21, 2019. In addition, Bill Johnson will stand for election as a fourteenth director at the upcoming Annual Meeting. Abrams Capital Management, Knighthead Capital Management and Redwood Capital Management engaged in discussions with PG&E's Board and management as part of PG&E's CEO selection and Board refreshment process and have expressed support for the new CEO and the new Board.