World News

CEO exits as PG&E faces fire liabilities, bankruptcy preparations

PG&E Corp Chief Executive Geisha Williams has stepped down, the company said on Sunday, as pressure from potentially crushing liabilities linked to catastrophic wildfires have pushed the California utility owner to the financial brink and prompted it to make bankruptcy preparations.

Williams, who took the helm of the provider of electricity and natural gas to millions of customers in March 2017, will be replaced by General Counsel John Simon on an interim basis, the company said. She also resigned from the boards of both PG&E and its utility subsidiary, Pacific Gas and Electric Co.

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