1/14, 6:44 AM (Source: TeleTrader)
more TeleTrader news

PG&E CEO steps down amid bankruptcy rumors

CEO of the Pacific Gas and Electric Corporation (PG&E) Geisha Williams resigned from the post, as well as from the boards of both the holding company and the utility, PG&E said in a statement. The company appointed Executive Vice President John Simon as the interim CEO.

"On behalf of the Board, I want to thank Geisha for her service and her tireless commitment to our employees and the 16 million Californians we serve," said Richard Kelly, Chair of the Board. "While we are making progress as a company in safety and other areas, the Board recognizes the tremendous challenges PG&E continues to face. We believe John is the right interim leader for the company while we work to identify a new CEO. Our search is focused on extensive operational and safety expertise, and the Board is committed to further change at PG&E."

PG&E released a report in December hinting at the possibility of responsibility for the devastating wildfires in California last year. It indicated its technicians noticed damaged power towers just before the fire started. Last week, media outlets reported the company could file for bankruptcy protection as it faces potential legal difficulties.

Breaking the News / DJ