California Gov. Gavin Newsom says Pacific Gas & Electric Corp. plans to remake its board of directors with hedge fund financiers and people who have little experience in utility operations and safety.
Newsom on Thursday publicly called on the troubled utility to change course. His spokesman, Nathan Click, says Newsom's staff was briefed by PG&E officials on its proposed board changes in recent days.
The San Francisco-based utility is in the midst of Chapter 11 bankruptcy proceedings after it said it could not afford billions of dollars in liability related to deadly wildfires.
Newsom says putting hedge fund managers in charge of the company will send a message the utility prioritizes profits over providing safe and reliable energy service.
"Any new board member should be resolved to change the culture of the company, understand the concerns of ratepayers and demonstrate a commitment to the fair treatment of wildfire victims and employees," he continued.
A PG&E spokeswoman said she could not immediately comment.
