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Bankrupt PG&E Names TVA’s Johnson as CEO, Forms New Board

  • Johnson, 65, announced his retirement from TVA in November
  • He takes the helm as PG&E faces a contentious restructuring
Bill Johnson on July 19, 2012.

Bill Johnson on July 19, 2012.

Photographer: Davis Turner/Bloomberg
Updated on

PG&E Corp. tapped Bill Johnson, the outgoing head of the Tennessee Valley Authority, to become chief executive officer and lead the California energy giant out of the biggest utility bankruptcy in U.S. history.

Johnson, 65, is joining the company after more than six years at the helm of TVA, the company said in a statement late Wednesday. PG&E also named 10 new directors to its board -- including former energy executives, restructuring experts, a former federal energy regulator and at least four California residents -- as part of a management shakeup it promised in January. Shares climbed 1.5 percent to $18.75 in after-hours trading.