Deals
All Eyes on California as PG&E Cuts Deal on Board Overhaul
- PG&E and group of investors agree on CEO, 10 new directors
- New board ‘raises concerns,’ says Governor Gavin Newsom
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After a weeks-long battle, bankrupt power giant PG&E Corp. has struck a deal with a group of investors to hire a chief executive officer and form a new board that will lead the company through the biggest utility bankruptcy in U.S. history.
Now it just has to sell the slate to California’s leaders. And that’s already proving an uphill battle: An hour after PG&E named outgoing Tennessee Valley Authority chief Bill Johnson as its CEO and appointed 10 new directors, California Governor Gavin Newsom issued a statement saying the board “raises concerns” and lacks experience. State legislators began sounding off, with one saying: “I’m not impressed.”