PG&E Corp., which filed for bankruptcy last month, announced a boardroom shakeup that would bring back at most half of the current board members, Bloomberg News reported. No more than five of the utility owner’s 10 current board members will stand for re-election at its upcoming shareholders meeting, according to a statement yesterday from the company. The company wants mostly independent directors, and the new board will have 11 of them, it said. PG&E has faced pressure from lawmakers, regulators and shareholders to revamp its management after 2017 and 2018 fires exposed it to liabilities that could exceed $30 billion and pushed the company into bankruptcy last month. Hedge fund BlueMountain Capital Management LLC has said that it will seek to replace PG&E’s entire board while calling the company’s decision to restructure a “reckless” move that will harm shareholders. PG&E removed Chief Executive Officer Geisha Williams shortly before the bankruptcy and also announced the resignation of board member Roger H. Kimmel last month. The next shareholders’ meeting is scheduled for May 21.
