PG&E (PCG) - Get Pacific Gas & Electric Co. Report is close to naming a new CEO who will help the debt-laden utility company navigate its wildfire related liabilities, according to a report from The Wall Street Journal.
Bill Johnson, who is retiring from his post as head of the Tennessee Valley Authority, is close to being named new CEO. PG&E is currently operating under federal bankruptcy protection because of massive liabilities related to the California wildfires. Other candidates are being interviewed, but Johnson is reportedly the favorite.
The company also has offered board positions to 10 new candidates, with strong shareholder support, as it has promised to overhaul its board in the wake of criticism over its safety policies during the wildfires.
Johnson was CEO of Duke Energy for one day in 2012. He had been running Progress Energy when it merged with Duke, and shareholders of the combined company agreed to move Johnson out of his position.
In a filing to the Securities and Exchange Commission, PG&E said it has booked total charges of $14 billion from the Northern California fires and won't be able to provide operating earnings guidance for 2019 as the company faces "extraordinary" near-term challenges. Still, the company said it expects a net loss for the year of between $670 million to $907 million.
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