This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PG & E's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Anthony F. Earley

Good morning and thanks for joining us. We have a lot of tough news to communicate today, but since this is my first quarterly call at PG&E, I thought it'd be a good idea to take some time to share some initial impressions and my plans. So I'm going to start with Slide 4.

I am totally committed to making Pacific Gas & Electric one of the best operated utilities in the country, and I am certain that we can do that. But in order to succeed, we need to be brutally honest about how we stack up against the best today, then we need to have a culture that celebrates those gaps as a roadmap to future improvement. We know that San Bruno was a tragic event that has made it clear to us that our operations are not where they need to be. In my first 6 weeks with the company, I've spent time meeting with our leaders and assessing whether we have the right organizational structure and the right expertise and experience now on board. So let me start with organizational structure.

Earlier this year, the company split the Gas and Electric businesses into distinct operating units and created Gas and Electric EVP roles, and I think that was a very good move. It's already resulting in better focus and clear accountability for each business. Within those business units, we've done organizational alignment to get better focus on operational excellence. I've also shut down our corporate strategy group that was tasked with looking at industry trends and non-utility investments, again to get clearer focus on utility operations.

So let me move to Slide 5 and talk about the officer team. There have been some key leadership changes at PG&E since San Bruno. In addition to myself, we've added Nick Stavropoulos, an outstanding leader in the Gas business. Nick has been building up his organization including hiring experienced senior staff from companies including TransCanada, Public Service of New Mexico and El Paso Pipeline. We've added Karen Austin, our new CIO from the retail industry, who will accelerate our use of technology to support our operations improvement. We also just announced that we hired a new VP of Communications, Roger Frizzell from American Airlines. Our officer team overall includes a good mix of people with long-term PG&E experience as well as those with impressive industry experience at such companies as Exelon, Entergy, FPL and PP&L, to name just a few. I'm convinced that the team that we now have in place will deliver the results that we're going to need.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs