The embattled utility company is nearing a deal with hedge funds to overhaul its board and replace the CEO, Bloomberg reports.
div > div.group > p:first-child"> The California-based utility company has agreed with a group of hedge funds to replace its CEO and board of directors, Bloomberg News reported Tuesday, citing people familiar with the matter. PG&E will reportedly hire Bill Johnson, the outgoing CEO of Tennessee Valley Authority, as its new chief executive.
Knighthead Capital Management, Redwood Capital Management and Abrams Capital Management are among the hedge funds negotiating the PG&E executive overhaul, which Bloomberg said could be announced as soon as Wednesday. PG&E is the state's biggest investor-owned utility, with 16 million customers across a 70,000-square-mile service area in Central and Northern California. It faces at least $30 billion in potential liabilities from California wildfires in 2017 and 2018. Many of those were allegedly started by the company's equipment, which caught the attention of state officials who question the safety of PG&E's electric system.
The company's share price plunged after announcing plans to pursue Chapter 11 bankruptcy in January. The stock was about 1 percent lower ahead of Tuesday's closing bell. Shares are down more than 58 percent year over year. According to a February Wall Street Journal report, PG&E delayed safety work on a century-old high-voltage transmission line that is suspected to have caused the deadliest wildfire in California's history. Earlier this week, Bloomberg reported that the stakeholders are proposing a $35 billion plan for the company to emerge from bankruptcy within a year.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Salzgitter CEO eyes Thyssenkrupp-Tata Steel JV remedies: CEOSalzgitter's chief executive will look at any assets that Thyssenkrupp and ...
Weiterlesen »
Swedbank dismisses chief executive after money laundering allegationsThe board of Swedbank has dismissed Birgitte Bonnesen as CEO, the lender said.
Weiterlesen »
Korean Air CEO Ousted From Board in Wake of ‘Nut Rage,’ Other Family ScandalsThe vote to remove Cho Yang-ho, 70 years old, marks a rare rebuke for one of South Korean’s historically powerful, family-run conglomerates.
Weiterlesen »
Help Wanted: Wells Fargo Board Seeks CEO to Charm Washington, Fix BankWells Fargo is looking for a new leader, who will have to do two things: Get the company on the right side of banking regulators while fixing its broken business
Weiterlesen »
Bank of America CEO Brian Moynihan says US economy is strong and growingMoynihan spoke with CNBC ahead of the Consumer Bankers Association's annual conference.
Weiterlesen »
IBM CEO Ginni Rometty's solution to closing the widening skills gap in AmericaIBM is investing $1 billion in initiatives like apprenticeships to train workers for what it calls 'new collar' jobs.
Weiterlesen »
Paul Jacobs Retreats From Qualcomm Takeover QuestFormer Qualcomm CEO Paul Jacobs, who was ousted last year as a company director, has dropped his effort to take the chip giant private, instead choosing to focus on his networking startup Xcom Labs.
Weiterlesen »
Daimler CEO: Boeing safety debate highlights challenge for autonomous techDaimler Chief Executive Dieter Zetsche on Tuesday said the debate surrounding th...
Weiterlesen »
FuboTV raised prices after 'severely' underpricing its service, and has a plan to dominate the digital TV industryFuboTV CEO David Gandler only wants to attract high-paying customers to his service.
Weiterlesen »
Norwegian Air CEO to visit Boeing, discuss MAX aircraft groundingNorwegian Air Chief Executive Bjoern Kjos will travel to Seattle on Monday to vi...
Weiterlesen »