PG&E General Counsel Appointed CEO as Company Heads Toward Bankruptcy
PG&E bumped GC John Simon to the interim CEO role as it prepares to file bankruptcy. The San Francisco-based company is facing billions of dollars in damages from lawsuits over its role in the 2018 California wildfires.
January 15, 2019 at 06:22 PM
3 minute read
Photo: Casimiro PT/Shutterstock.com
PG&E Corp.'s general counsel is now its interim chief executive officer, as the parent of Pacific Gas and Electric Company prepares for bankruptcy in the wake of California's wildfires.
John Simon took on the additional role following the departure of San Francisco-based PG&E's CEO Geisha Williams, the company announced Sunday. Simon began serving as PG&E's executive vice president and GC in 2017.
“While the board conducts its CEO search, our priority will be keeping the company focused on further improving safety while continuing to provide reliable service to our customers,” Simon said in a press release.
John R. Simon, interim CEO of Pacific Gas and Electric Co. PG&E announced its plans to declare bankruptcy shortly after Simon's appointment. The utility company currently faces a smattering of lawsuits and billions of dollars in damages for its alleged role in 2018's California wildfires, which killed more than 80 people and destroyed more than 10,000 homes.
Simon said Monday that a ”court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion.” The company announced Cravath, Swaine & Moore would serve as principal advisory counsel to its board of directors.
“While we are making progress as a company in safety and other areas, the Board recognizes the tremendous challenges PG&E continues to face,” Richard Kelly, the chair of the board of PG&E, said in a press release. “We believe John is the right interim leader for the company while we work to identify a new CEO. Our search is focused on extensive operational and safety expertise, and the Board is committed to further change at PG&E.”
PG&E isn't the first company to bump its top lawyer to the CEO spot in a time of crisis.
Troubled blood-testing company Theranos appointed GC David Taylor to CEO in June, just three months before the company announced it would dissolve. He joined Theranos as acting general counsel in 2016, after allegations emerged that the company's testing did not work as promised.
Simon has been with PG&E since 2007, six years after the company's first bankruptcy, which it emerged from in 2004. His previous roles at the company include executive vice president of corporate services and human resources and vice president of human resources.
Prior to PG&E, Simon worked for TeleTech Holdings Inc. as president of global human capital. He received his J.D. from Georgetown University.
Read More:
Class Action Wants PG&E to Pay for Wildfire Damages in California
With PG&E Ailing After California Wildfires, Cravath Advises on Reorganization
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