PG&E to purge most of its board in fallout from bankruptcy
BERKELEY, Calif. (AP) PG&E will sweep out three-fourths of its board of directors in an attempt to start with a mostly clean slate after the nation’s largest utility emerges from bankruptcy.
The decision announced Friday as part of quarterly earnings will leave just three of PG&E’s 14 current board members in place.
The San Francisco company is trying to win court approval for its bankruptcy plan by June 30.
PG&E went bankrupt after years of neglect culminated in its fraying electrical grid igniting a series of deadly Northern California wildfires.
The purge of its board of directors falls shy of meeting the demands of Gov. Gavin Newsom and PG&E's chief regulator, the Public Utilities Commission, who wanted the whole board replaced.
