California

PG&E CEO Geisha Williams steps down amid reports of bankruptcy

SAN FRANCISCO (KRON) - Pacific Gas & Electric announced on Sunday that Chief Executive Officer Geisha Williams is stepping down.

The company's Executive Vice President and General Counsel, John Simon, will serve as Interim CEO while they search for a permanent replacement. 

“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 resigned from her position with the company possibly on the brink of bankruptcy as it faces billions of dollars in potential liabilities related to deadly wildfires throughout California, Reuters reports. 

The utility is in talks with banks investment banks about a financing package worth up to $5 billion. It would allow the company to continue operating during Chapter 11 bankruptcy proceedings.

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