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PG&E Announces New CEO, Refreshed Board of Directors

Nora Mead Brownell To Join PG&E Board

April 4, 2019

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Copyright 2010-19
Reporting by Paul Ring •

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PG&E Corporation (the 'Company," and together with Pacific Gas and Electric Company, "PG&E") today announced the appointment of William "Bill" Johnson as Chief Executive Officer and President and the appointment of 10 new directors to its Board of Directors (the "Board").

"The significant changes in leadership reflect PG&E’s focus on strengthening its safety culture and operational effectiveness and successfully navigating the Company’s Chapter 11 process," the Company said

Johnson is concluding a more than six-year tenure as President and CEO of the Tennessee Valley Authority (TVA). Prior to his tenure at TVA, Mr. Johnson was the Chairman, President and CEO of Progress Energy.

The Board appointments will be effective as of the next in-person Board meeting, which will be held as soon as practicable.

Effective as of the next in-person Board meeting, which will be held as soon as practicable, Richard Barrera, Jeffrey Bleich, Nora Mead Brownell, Cheryl Campbell, Michael Leffell, Kenneth Liang, Dominique Mielle, Meridee Moore, Kristine Schmidt and Alejandro Wolff will join continuing PG&E directors Fred Fowler, Richard Kelly and Eric Mullins on the Board. In connection with these appointments, the remaining directors will be stepping down from the Board at that time.

The 13 members of the incoming Board are as follows:

• Nora Mead Brownell: Brownell has served as a Commissioner of the Federal Energy Regulatory Commission (FERC), a member of the Pennsylvania Public Utility Commission and President of the National Association of Regulatory Utility Commissioners. Brownell has been an advocate for consumer protection, competitive markets and national energy infrastructure development. Brownell currently serves as a board member of National Grid plc, a multinational investor-owned electric and gas utility company

• Jeffrey Bleich: Bleich is a Partner at the global law firm Dentons and a leader of its global diplomatic consulting group. He also previously served as Special Counsel to President Obama, and previously practiced law in California

• Richard Barrera: In 2013, Barrera founded Roystone Capital Management, an asset management firm which invests across the capital structure in both debt and equity. Prior to Roystone, he was a Partner and Co-Portfolio Manager at Redwood Capital Management and Glenview Capital Management, both private investment management firms.

• Cheryl Campbell: Campbell was most recently a former Senior Vice President of Xcel Energy, Inc.

• Fred Fowler: Fowler is retired Chairman of the Board of Spectra Energy Partners, LP. He was also formerly President and Chief Operating Officer of Duke Energy.

• Richard Kelly: Kelly is a retired Chairman and CEO of Xcel Energy Inc.

• Michael Leffell: Leffell was previously the Deputy Executive Managing Member at Davidson Kempner Capital Management, a global institutional investment management firm

• Kenneth Liang: Liang was a Senior Managing Director and Head of Restructurings at Oaktree Capital Management’s Opportunities Funds

• Dominique Mielle: Mielle was a Partner and Senior Portfolio Manager at Canyon Capital Advisors, LLC,

• Meridee Moore: Moore is the Founder, CEO and Chief Investment Officer of Watershed Asset Management, a San Francisco-based alternative asset manager. Watershed managed capital for institutional investors for over 15 years.

• Eric Mullins: Mullins is Co-Chief Executive Officer of Lime Rock Resources, L.P., a private equity oil and gas investment firm that acquires, operates, and improves oil and natural gas properties in the U.S.

• Kristine Schmidt: Schmidt has served as a FERC Commissioner Advisor, addressing national policies and reforms resulting from the California Energy Crisis and FERC’s expanded authority from the Energy Policy Act, among other key policy issues. Schmidt was the Chair of the inaugural Western Energy Imbalance Market (WEIM) Governing Body,

• Alejandro Wolff: Wolff served in the U.S. State Department for 34 years, serving as the U.S. Ambassador to the Republic of Chile from 2010 to 2013 and previously served as U.S. Ambassador to the United Nations.

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