OAKLAND - PG&E Corporation (NYSE:PCG) today announced the upcoming appointment of Leo P. Denault to its Boards of Directors for both the holding company and its subsidiary, Pacific Gas and Electric Company, effective February 19, 2025. Denault, who served as Chairman and CEO of Entergy Corporation (NYSE:ETR) from 2013 to 2022, is recognized for steering the company towards a cleaner energy portfolio and enhancing system reliability and financial stability.
During his tenure at Entergy, Denault focused on operational efficiencies and cost management, which are areas of expertise he is expected to bring to his new role at PG&E. "Leo will be invaluable in helping PG&E continue to improve its operational, safety and financial performance to better serve our customers," said Kerry Cooper, Chair of the PG&E Board.
Denault's career in the utility industry spans decades, with significant positions held at Public Service Company of Indiana, Cinergy Corporation, and Duke Energy Corporation (NYSE:DUK), before his leadership roles at Entergy. His appointment comes as PG&E aims to bolster its leadership team in efforts to provide energy to over 16 million Californians.
In addition to his new position at PG&E, Denault serves on the board of Huntington Ingalls (NYSE:HII) Industries and is a Senior Advisor to ArcLight, which invests in power and utility infrastructure. He also holds a position on the private board of Alpha Generation, a company managing critical power infrastructure.
Denault, who holds an MBA from Indiana University and a bachelor's in economics and accounting from Ball (NYSE:BALL) State University, expressed his enthusiasm for the opportunity to contribute to PG&E's mission, supporting CEO Patti Poppe and her team.
PG&E Corporation, based in Oakland, California, is the parent company of Pacific Gas and Electric Company, which delivers energy services to millions across Northern and Central California. This announcement is based on a press release statement from PG&E Corporation.
In other recent news, PG&E Corporation has announced several corporate governance changes, including the appointment of Leo P. Denault to the boards of both PG&E Corporation and its subsidiary, Pacific Gas and Electric Company. The company's boards have also adopted amended and restated bylaws aimed at streamlining governance processes. In addition, RBC Capital Markets has maintained an "Outperform" rating for PG&E, highlighting the company's effective wildfire mitigation and capital investment strategies.
Recently, PG&E Corporation has also announced its intent to raise $2.4 billion through new stock offerings. The funds raised from these offerings are earmarked for general corporate uses, which encompass the financing of PG&E's five-year capital investment strategy. In related news, PG&E Corporation experienced a 3% drop in share prices following the announcement of its plans to launch concurrent public offerings of $1,200 million worth of common stock and an equal amount of newly issued Series A Mandatory Convertible Preferred Stock.
These developments reflect recent changes and plans within PG&E Corporation, which continues to navigate its financial and governance strategies in the power industry.
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