SACRAMENTO, Calif. (AP) - The Latest on Pacific Gas & Electric Corp.’s board restructuring (all times local):
2:15 p.m.
A Pacific Gas & Electric spokeswoman has declined to address whether the utility is planning to replace its board with hedge fund financiers and people without utility expertise.
California Gov. Gavin Newsom publicly criticized the company Thursday, saying it planned to appoint a board more focused on profits than safety.
Spokeswoman Lynsey Paulo says the company understands and recognizes Newsom’s concerns and shares his urgency for action. She says PG&E recognizes the importance of adding people to the board who will bring about safety changes and address operational and financial challenges.
But Paulo isn’t saying who the company wants to place on the board or when it will announce its nominees.
PG&E has said it will replace most of its board amid a bankruptcy proceeding related to costs from deadly wildfires.
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1:15 p.m.
California Gov. Gavin Newsom says Pacific Gas & Electric Corp. plans to remake its board of directors with hedge fund financiers and people who have little experience in utility operations and safety.
Newsom on Thursday publicly called on the troubled utility to change course. His spokesman, Nathan Click, says Newsom’s staff was briefed by PG&E officials on its proposed board changes in recent days.
The San Francisco-based utility is in the midst of Chapter 11 bankruptcy proceedings after it said it could not afford billions of dollars in liability related to deadly wildfires.
Newsom says putting hedge fund managers in charge of the company will send a message the utility prioritizes profits over providing safe and reliable energy service.
A PG&E spokeswoman said she could not immediately comment.
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