PG&E CEO Steps Down Amid Potential Bankruptcy Preparation
SAN FRANCISCO (CBS SF) -- PG&E is searching for a new CEO after Geisha Williams stepped down from her position, the company announced on Sunday.
The company's board of directors has named John Simon Interim Chief Executive Officer as the search for a new CEO continues.
"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 C. Kelly, Chair of the Board of PG&E Corporation, in a statement.
"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."
Williams was CEO for less than two years, but she had been with PG&E since 2007. In 2017, she became the first Latina CEO of a Fortune 500 company.
This comes after reports surfaced saying PG&E is preparing to tell its employees on Monday that it is preparing for a potential bankruptcy.
Reuters reported that PG&E has opened discussions with its lenders about a financing package, which would help navigate bankruptcy proceedings.
The utility may face up to $30 billion in damages from devastating wildfires in California over the last two years. Investigators are looking closely at whether PG&E's equipment ignited the Camp Fire, the deadliest fire in California history.
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A San Francisco judge said on Wednesday that he's considering ordering PG&E to re-inspect its entire electric grid. His order would also require the utility to cut off power during windy conditions to prevent wildfires.
