PG&E CEO Bill Johnson stepping down in June
Johnson expects the nation's largest utility to be out of bankruptcy by June
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Bill Johnson is stepping down after a year as CEO and president of the largest utility in the nation, California's Pacific Gas & Electric.
His retirement will be effective June 30, according to a statement.
Board member and former AT&T staffer William L. Smith is set to serve as interim CEO.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG&E CORP. | 20.49 | -1.16 | -5.34% |
JUDGE OKS PG&E PLAN TO PAY $19M IN FEES FROM VICTIMS FUND
Johnson joined PG&E in April 2019 as it sought Chapter 11 bankruptcy protection due to roughly $30 billion in liabilities from wildfires started by its equipment.
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"I joined PG&E to help get the company out of bankruptcy and stabilize operations," Johnson said in the statement. "By the end of June, I expect that both of these goals will have been met."