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3/17, 4:15 AM (Source: TeleTrader)
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PG&E to name new CEO

PG&E Corp will most likely name Bill Johnson as its new chief executive officer, The Wall Street Journal reported. The announcement is expected as early as next week and although the retiring head of the Tennessee Valley Authority is the top contender for the job, his new role hasn't been finalized.

PG&E is also expected to announce an overhaul of its board after criticism of their safety practices following the wildfires, said people familiar with the matter. The company made offers to 10 independent board candidates and is set to unveil their choice next week. According to the report, PG&E has significant shareholder support in this matter.

PG&E filed for bankruptcy earlier this year the wildfires last summer in California that caused major damage which threatened the company with $30 billion in potential liabilities.

Breaking the News / KP