PG&E Corp. said Jan. 13 it is beginning the search for a new CEO following the departure of Geisha Williams, as the California utility grapples with a declining share price, potential bankruptcy and credit downgrades related to what could be tens of billions in wildfire liabilities.
PG&E Corp.'s board of directors has named John Simon interim CEO, according to a news release. Simon has been with the company since 2007, and served as executive vice president and general counsel since 2017.
Williams has also resigned from the boards of both PG&E Corp. and utility Pacific Gas and Electric Co.
Reuters reported Jan. 13 PG&E Corp. has reached out to banks to discuss financing arrangements that could help the California utility holding company navigate a potential bankruptcy.
Williams' departure marks the latest sign of upheaval at PG&E Corp. as a result of an estimated $30 billion in liabilities the company faces stemming from wildfires in 2017 and 2018. The company is reportedly considering filing for bankruptcy or selling its gas utility, among other potential outcomes, to manage the situation.