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SAN FRANCISCO – The CEO of Pacific Gas and Electric resigned on Sunday and officials could learn this week whether the company will declare insolvency as it faces billions of dollars in responsibility for its role in the recent California wildfires.
PG & E released a statement on Sunday thanking Geisha Williams for her service. The board of directors chose John Simon as acting CEO.
"While we are progressing as a company in safety and other areas, the board recognizes the tremendous challenges that PG & E continues to face," the company said. "We believe John is the right interim leader for the company as we work to identify a new CEO."
PG & E is discussing with lenders about a funding package worth up to $ 5 billion. This would allow the company to continue operating during Chapter 11 bankruptcy proceedings.
Under a new state law, PG & E must inform its employees at least 15 days before a change of control in the company – including a bankruptcy petition, the San Francisco Chronicle said. This warning can arrive as early as Monday.
State fire investigators have blamed the utility's power lines for causing several forest fires in California in October 2017.
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