Seeking ‘trust and credibility’ after fires and bankruptcy, California's PG&E to overhaul board of directors

  • Source: Sacramento Bee
  • Published: 02/11/2019 12:00 AM

Struggling to restore its credibility with state officials, PG&E Corp. said Monday it plans to overhaul its board of directors this spring. The utility, which filed for Chapter 11 bankruptcy last month in the face of growing wildfire liabilities, said in a press release that only five of its current board members will run for re-election at the PG&E annual shareholder meeting. The board currently has 10 board members. When the process is complete, the board will include 11 outside board members — meaning individuals who aren’t employees of PG&E. The company didn’t say how many total directors the board will comprise but added, “A majority of the directors of the company will be new, independent directors by the time of the 2019 annual meeting.” The meeting is set for May 21.


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