PG&E Former CEO To Collect Millions In Cash While Utility Files For Bankruptcy

Source: Zero Hedge

With the second bankruptcy of PG&E looming and shareholders and bondholders both staring at massive losses…while some 16 million California residents are about to experience sharply higher electricity rates, not everyone is suffering. As Bloomberg reports, the utility’s former CEO Geisha Williams, who abruptly left the sinking ship just hours before notifying the company’s workers it would file for bankruptcy within weeks, is set to walk away with millions in cash.

During Williams’ brief two-year tenure, the San Francisco-based utility accrued more than $30 billion in potential wildfire liabilities. And now Williams is set to make a lot of money even as she departs her former company in flames, so to speak.

On Monday, PG&E confirmed that Williams will receive severance, which will likely be between $2.36 million to $4.46 million, depending on how her departure is categorized. The former CEO also has $3.1 million of pension benefits that may be in flux if the firm enters bankruptcy court.

In 2017, she was paid $8.6 million in 2017, mostly consisting of stock awards (it was not immediately clear how much stock the company bought back to artificially boost the management’s incentive-based comp). That said, jer unvested stock options and restricted shares will likely be wiped out if the firm enters Chapter 11 [. . .]

Source: PG&E Former CEO To Collect Millions In Cash While Utility Files For Bankruptcy

2 thoughts on “PG&E Former CEO To Collect Millions In Cash While Utility Files For Bankruptcy

  1. What Ayn rand and zero hedge are really saying is that he should have crushed the unions and killed more wage slaves on his way out or spent more time lobbying for Trump to deregulate nuclear and reclassify hi level nuclear waste to save the capitalists, and corporations more money

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  2. Gloria, I disagree. At the moment there is a lot of criticism of PG&E across the political spectrum for their failure to upgrade their electrical equipment and the role sparks from outdated equipment played in triggering the devastating California wildfires. And many in the environmental movement are lobbying for a move away from centralized grid-based energy companies to cheaper, cleaner locally produced distributed energy. They specifically oppose a second bailout of PG&E from the California state government to help them cover their liabilities stemming from the wildfires.

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