CEO of Beleaguered PG&E Set to Resign in June
As the bankruptcy restructuring of PG&E Corporation (NYSE: PCG) nears its end so is the tenure of its president and CEO Bill Johnson. The California utility announced today that, effective June 30, Johnson will step down from the company -- presumably after the company's reorganization is confirmed by the bankruptcy court.
Addressing his retirement from the company, Johnson said that he "joined PG&E to help get the company out of bankruptcy and stabilize operations. By the end of June, I expect that both of these goals will have been met." Once Johnson leaves, Bill Smith, a member of the board of directors, will take the helm, assuming the role of interim CEO. Prior to joining PG&E, Smith spent 37 years at AT&T where he retired as president of AT&T Technology Operations at AT&T Services, Inc. According to Nora Mead Brownell, chair of PG&E's Board of Directors, the utility is "fortunate now to have Bill Smith step up and provide strong, stable experienced leadership during this transitional period."
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Source Fool.com
