(Reuters) – California power company PG&E Corp (PCG.N) Chief Executive Officer Geisha Williams has stepped down, the company said on Sunday, as it faces billions of dollars in potential liabilities related to deadly wildfires.
PG&E Executive Vice President and General Counsel John Simon has been named interim CEO while the company conducts a search.
“While we are making progress as a company in safety and other areas, the Board recognizes the tremendous challenges PG&E continues to face. We believe John is the right interim leader for the company,” PG&E Chairman Richard Kelly said in a statement.
Reuters reported earlier on Sunday that PG&E was in discussions with investment banks about a multibillion-dollar financing package to help navigate bankruptcy proceedings, a sign that Chapter 11 filing preparations are intensifying in the face of potentially staggering liabilities, sources said.
PG&E said in November it could face “significant liability” in excess of its insurance coverage if its equipment was found to have caused last year’s Camp fire in Northern California.
Reporting by Liana B. Baker in New York; Additional reporting by Rama Venkat in Bengaluru; Editing by Peter Cooney
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