PG&E To Reshape Board In Aftermath Of Wildfires
SAN FRANCISCO (CBS SF / AP) -- Half of the board at PG&E is unlikely to stand for re-election at the besieged San Francisco-based utility company that is reeling in the aftermath of last year's deadly California wildfires.
The company said Monday that it understands the need to "re-earn trust and credibility" with customers and regulators.
PG&E says that it foresees 11 independent directors on its board by the time of its 2019 annual shareholders meeting on May 21. It doesn't expect more than five of the current directors to seek another term.
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It did not say which board members are likely to remain.
PG&E, the nation's biggest utility, filed for Chapter 11 reorganization last month as it faces the possibly of tens of billions of dollars in claims.
PG&E has promised to spend more than $2 billion this year to improve wildfire prevention. The utility says it will step up its tree cutting and trimming this year. It's also said it's not waiting for regulatory and judicial approval and has already instituted more inspections of its equipment. Last week PG&E proposed removing 375,000 trees this year after cutting down 160,000 last year that threatened to fall into power lines.
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