PG&E Corp., the bankrupt California power giant facing $30 billion in wildfire liabilities, is nearing a deal with a group of investors that includes naming Bill Johnson as CEO and overhauling its board, according to people familiar with the matter.
PG&E Corp., the bankrupt California power giant facing $30 billion in wildfire liabilities, is nearing a deal with a group of investors that includes naming Bill Johnson as chief executive and overhauling its board, according to people familiar with the matter.
, a federally operated power agency, said the people, who asked not to be identified because the matter was private.The deal, which would also keep three current directors and nominate 10 others for the board, could be announced as soon as Wednesday, the people said. A representative for PG&E — which owns Pacific Gas & Electric Co. — said the San Francisco company doesn’t comment on market rumors or speculation. A representative for the investor group declined to comment.
The three shareholders, which collectively own almost 10% of PG&E, disclosed their plans to push for changes at the company last month. They have squared off against activist investor BlueMountain Capital Management, which put forth its own slate of 13 directors. Even Gov. Gavin Newsom joined the fight, urging the company to resist hedge fund picks and appoint local directors.
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