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PG&E Appoints New Board Of Directors Ahead Of Exit From Bankruptcy

PG&E Corp. (PCG), which expects to emerge from bankruptcy by June 30, has appointed new Board of Directors, as part of an agreement the company made with the California state to shake up a corporate culture.

The new Board will consist of 14 members and will be officially appointed to join the Board at or prior to emergence from bankruptcy and following required bankruptcy court submissions, the company said in a statement.

The board includes 11 new directors who will oversee the decisions made by PG&E management.

It is expected that the Board of Directors of utility subsidiary Pacific Gas and Electric Company will largely be the same as PG&E.

In addition, six of the 11 new directors are from California and have made their careers in the state, gaining extensive knowledge of the communities PG&E serves and the political, social, and physical environment in which the company operates.

Recently, PG&E Corp. said it plans to sell its San Francisco headquarters and move to Oakland in the coming years, in a cost-saving effort that will result in California's largest utility leaving the city where it has been headquartered for more than a century.

PG&E had filed for bankruptcy protection in January 2019 as it faces up to $30 billion in fire liabilities, including 2018 Camp Fire which killed at least 86 people.

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