PG&E to name TVA’s Bill Johnson as CEO


PG&E is expected to name Bill Johnson as chief executive of the bankrupt California energy company facing $30 billion in wildfire liabilities, as soon as Wednesday, a source familiar with the private negotiations said on Tuesday.

Johnson, who has been the CEO of the Tennessee Valley Authority since 2013 and is retiring on Friday, would not comment on the PG&E rumors.

A group of investors, including Knighthead Capital Management, Redwood Capital Management and Abrams Capital Management, have been pushing for Johnson to be hired.

Before joining TVA, Johnson was the chairman, president and CEO of Progress Energy from 2007-2012 before it merged with North Carolina rival Duke Energy Corp.

Another hedge fund, BlueMountain Capital Management, announced a slate of 13 directors including hedge fund manager Jeff Ubben and former California treasurer Phil Angelides.

PG&E faces crushing liabilities related to deadly wildfires in 2017 and 2018 that killed dozens of people and destroyed thousands of homes.

A U.S. judge on Tuesday ordered PG&E not to pay shareholders dividends and instead use the money to fund its plan for cutting down trees to reduce the risk its equipment will spark more destructive wildfires in wooded areas of California.

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