Former Regulator Nora Mead Brownell Appointed Chair of PG&E Corporation; Former U.S. Ambassador Jeffrey Bleich Appointed Chair of Pacific Gas and Electric Company
Bill Johnson's Appointment as CEO and President to be Effective May 1, 2019
SAN FRANCISCO, Calif. - PG&E Corporation (NYSE: PCG) today announced that its newly constituted Board of Directors has taken additional actions to further enhance PG&E's safety culture and operational excellence. These actions include:
- Appointing former state and federal regulator Nora Mead Brownell to serve as Chair of the Board of PG&E Corporation. Ms. Brownell has an expansive career in the energy sector and has served as a Commissioner of the Federal Energy Regulatory Commission (FERC), a member of the Pennsylvania Public Utility Commission and President of the National Association of Regulatory Utility Commissioners.
- Appointing former U.S. Ambassador Jeffrey Bleich to serve as Chair of the Board of Pacific Gas and Electric Company. Mr. Bleich is a longtime California resident and former Partner at the global law firm Dentons and a leader of its global diplomatic consulting group. He has previously served as the U.S. Ambassador to Australia, Special Counsel to President Obama, Chair of the California State University Board of Trustees, President of the California State Bar, a member of the Governor's International Trade and Investment Council and President of the Bar Association of San Francisco.
- Appointing Bill Johnson as Chief Executive Officer and President, effective May 1, 2019. Mr. Johnson recently concluded a more than six-year tenure as President and CEO of the Tennessee Valley Authority (TVA), where he was responsible for leading the nation's largest publicly owned utility in its mission of providing energy, environmental stewardship and economic development across a seven-state region. Mr. Johnson has almost 30 years of experience in the electric utility industry, where he has collaborated closely with elected officials and other community leaders to deliver safe and reliable electricity to millions of customers.
The PG&E Board said, "We are focused on taking additional actions to bring about real and dynamic change that reinforces our commitment to safety and continuous improvement. The appointments of Nora Mead Brownell and Jeffrey Bleich, two respected leaders with a deep understanding of the California and federal regulatory environments, underscore our commitment to engage with our stakeholders to address the state's evolving energy challenges."
The new PG&E Board includes Richard Barrera, Jeffrey Bleich, Nora Mead Brownell, Cheryl Campbell, Fred Fowler, Richard Kelly, Michael Leffell, Kenneth Liang, Dominique Mielle, Meridee Moore, Eric Mullins, Kristine Schmidt and Alejandro Wolff. In addition, Mr. Johnson will stand for election as a fourteenth director at PG&E's 2019 Annual Meeting of Shareholders.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company (the "Utility"), an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.fengding45.cn. In this news release, they are together referred to as "PG&E."
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's annual report on Form 10-K for the year ended December 31, 2018, and their subsequent reports filed with the Securities and Exchange Commission (the "SEC"). Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
PG&E Corporation and the Utility intend to file a joint proxy statement and other documents with the SEC in connection with their solicitation of proxies for their 2019 Annual Meetings. Investors and security holders are urged to read any such joint proxy statement (and any amendments and supplements thereto), the accompanying WHITE proxy card and other documents that have been or may be filed with the SEC carefully and in their entirety as they contain or will contain important information about the 2019 Annual Meetings. Investors and security holders should read the joint proxy statement carefully before making any voting or investment decisions. Investors and security holders may obtain free copies of these and other documents filed with the SEC by PG&E Corporation and the Utility through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed by PG&E Corporation and the Utility with the SEC will be available on their website at http://investor.pgecorp.com.