PG&E Corp (NYSE:PCG) announced on Monday the appointment of Leo P. Denault to its board of directors and that of its subsidiary, Pacific Gas and Electric Company, effective February 19, 2025. Denault, who has over four decades of experience in the power industry, will also serve on the Audit Committees of both boards and the Finance and Innovation Committee of the PG&E Corporation Board.
Denault's previous tenure as Chairman and CEO of Entergy Corporation (NYSE:ETR), from 2013 to 2022, underscores his extensive background in electric power production and retail distribution operations. PG&E has confirmed that Denault's compensation will align with the company's standard policies for non-employee directors, as detailed in the joint proxy statement filed on April 4, 2024. No other arrangements or family relationships exist between Denault and any current directors or executive officers.
In conjunction with these changes, PG&E's boards have adopted amended and restated bylaws, effective immediately. These amendments include the removal of provisions related to classified boards, specifying that certain officers may only be elected and removed by the board, and empowering the Chairperson or a board-appointed officer to elect subordinate officers. The updated bylaws also incorporate various clarifying and conforming changes.
The announcement follows the filing of a current report with the Securities and Exchange Commission on December 12, 2024. The report also includes the full text of the Amended and Restated Bylaws. PG&E's board of directors will consist of 14 members for PG&E Corporation and 15 for Pacific Gas and Electric Company following Denault's appointment. This move comes as the company continues to navigate the evolving energy landscape and regulatory environment. The information is based on a press release statement.
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