(Bloomberg) -- California utility giant PG&E Corp. is overhauling its board with 11 new directors in preparation for a long-anticipated exit from bankruptcy.
The board will consist of 14 members, according to a statement Wednesday. The new members, six of which are from California, include Craig Fugate, a former administrator of the Federal Emergency Management Agency, and Bob Flexon, a former chief executive officer of power provider Dynegy Inc. Other new directors have safety, utility, regulatory, cybersecurity and customer relations expertise, PG&E said.
“Putting in place a new board is a critical component of PG&E’s plan to emerge from bankruptcy as a reimagined utility,” Nora Mead Brownell, the current chair of PG&E’s board, said in a statement. “This is the right time for a changeover given that the company will soon emerge from bankruptcy and start a new chapter,” said Brownell, who is among the current members stepping down.
PG&E is seeking bankruptcy court approval of its $59 billion turnaround plan ahead of a state deadline of June 30. The company filed for Chapter 11 more than a year ago after its equipment sparked some of the worst wildfires in California history. The San Francisco-based utility had agreed to overhaul its board as part of reforms promised to state Governor Gavin Newsom to earn his sign-off on the company’s reorganization.
The company said last month that only three of its current board members would remain after it emerged from bankruptcy.
(Adds comment from PG&E chair in fourth paragraph)
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