The board of directors chose John Simon as interim CEO.
California's largest utility company said on Sunday its chief executive had resigned as the firm faces billions of dollars in potential liabilities tied to the state's deadly and destructive wildfires previous year.
PG&E said Monday that it has only about $1.5 billion in cash and cash equivalents on hand. A notice does not necessarily mean that PG&E is filing for Chapter 11 protection, but signals that the utility may be considering bankruptcy as a way of coping with an estimated$30 billion in liabilities for fires that took place in 2017 and 2018. It needs to use the bankruptcy process, which will allow it to shed some of its debt, to pay for damages and stay in business to provide gas and electric service to its customers.
The company's board chose to oust CEO Geisha Williams and undergo a restructuring at a board meeting this weekend in San Francisco, according to a source familiar with the matter. "From the moment I was elected, I have been closely monitoring the impact of PG&E's existing and potential future liability for the deadly wildfires on the victims of the fires and the consumers who rely on PG&E for their electric and gas service". "We believe John is the right interim leader for the company while we work to identify a new CEO".
Shares in the company are expected to fall by more than 50% when trading begins on Monday. But PG&E has suggested it may be responsible.
The company's deepening financial crisis has forced California regulators and policy makers to consider a bailout package and PG&E.
PG&E Corp.'s former Chief Executive Officer Geisha Williams will likely walk away with millions in cash after guiding California's biggest utility through a turbulent two years that may send it to bankruptcy court. The utility said bankruptcy was the best way forward for employees and those who are claiming losses from wildfires that may have been caused by its power lines.
Williams was CEO for less than two years, but she had been with PG&E since 2007.
"PG&E faces extensive litigation and significant potential liabilities resulting from these wildfires". Three months later, however, the utility's equipment again was being looked at as a possible source of the Camp Fire, which killed 86 people and destroyed the town of Paradise.
The company has already been blamed by state fire investigators for wildfires that broke out in October 2017.
The A's have a lot invested in Kyler Murray , seeing as how they drafted him with the ninth overall pick in the 2018 MLB Draft. The Oklahoma quarterback has until Monday to declare for the National Football League draft or stick with baseball.
The wintry wait for " Game of Thrones " isn't over, but fans at least officially know when the suspense will end. It's not footage from within the final season but more like an original promotional ad.
The " Guardians of the Galaxy " star revealed today, January 14, in an Instagram post that he proposed to the lifestyle blogger. Pratt and Schwarzenegger sparked dating rumours last June when they celebrated the American Father's Day together.
Its interior houses seats draped in white leather with yellow stitching and features a front fascia with occasional black accents. Even if this concept is little more than an LC Coupe with its roof lopped off, the result is still very pretty.
The monitor said some 300 SDF combatants had deployed near the village of Sousa in preparations for a final assault. A spokesman for the US -led coalition said the SDF were making "great progress ... but the fight continues".
A person affiliated with the house where the overdoses occurred called 911 on Saturday morning at around 9:12 a.m local time. The Daily Mail is reporting one man dead and 12 more hospitalized after "mass overdose" in California caused by fentanyl.
At the 417-yard par-4 16th, after his drive went to the fairway bunker Smith stuck his next shot close and carded a birdie. He also beat Patrick Reed and Ian Poulter, who are both only 15 years younger than Love but also played in the Ryder Cup.
Smart said she hopes Jayme's case serves "as a reminder that there are still children out there that we need to continue to find". Sunday night, his public defenders Charles Glynn and Richard Jones met with Patterson and afterward talked with the media.
Day 3 [today] should be bigger. "Earlier, praising the film, Adarsh wrote on Twitter,"#Uri is one film that *should* be watched... This week two much-anticipated films made to the theatres " The Accidental Prime Minister and URI: The Surgical Strike ".
And 14-time major victor Djokovic hailed Murray in an Instagram post on the eve of the Australian Open in Melbourne . As an athlete, that's probably the biggest obstacle and enemy that you can have: an injury.
De Minaur downs Seppi to win Sydney International title
I played three times in the night, so for me it was totally different conditions, which from the beginning I feel very, very slow. Kenin now proceeds to Melbourne where she will play Russian qualifier Veronika Kudermetova in round one of the Australian Open.
Dems Looking to Bring Ocasio-Cortez Under Control
Price-tag estimates for carrying out that agenda - costs that taxpayers would bear - range from $2 trillion to $51 trillion. You don't get picked for committees by who your grass-roots [supporters] are'. "Because the policies Ms.
HBO reveals 'Game of Thrones' final season air date
They then come upon memorial statues of themselves as the crypt begins to turn icy cold, presumably as the Night King nears. At a point, Jon Snow passes Lyanna Stark's statue (his birth mother) and hears the voices of their dead family members.
Dead After Military Cargo Plane Crashes In Iran
The big jet, operated by the Iranian Air Force, exploded into flames after crashing into houses near the capital of Tehran. Her statement contradicted reports by Iranian media saying the plane belonged to Kyrgyzstan.
Winter storm continues into Saturday
Locations south of the Lehigh Valley will see more snow, but even Philadelphia is only expecting an inch, O'Brien said. We will be left with clouds decreasing during the second half of the day and a high temperature in the low 30s.
Cop Killer Claimed Police Targeted Him With 'Ultra Sonic Waves'
Investigators have not identified a motive for the ambush shooting of the 22-year-old officer as she investigated a auto accident. After firing more shots, the gunman fled, eventually barricading himself in his nearby apartment and fatally shooting himself.