BERKELEY, Calif. – PG&E Corp. will sweep out three quarters of its board of directors to start with a mostly clean slate when it emerges from a bankruptcy case triggered by deadly wildfires ignited in Northern California by the utility’s neglected electrical grid.
The decision announced Friday will leave just three of Pacific Gas and Electric's 14 current board members in place if the San Francisco company is able to win bankruptcy court approval of its plan.
The plan includes $25.5 billion to cover losses from 2017 and 2018 wildfires that devastated parts of its sprawling service territory.
The purge of its board of directors still falls shy of meeting the demands of Gov. Gavin Newsom and the head of the California Public Utilities