PG&E names Fred Buckman to board, expands board to 15 directors
PG&E Corporation announced additional changes to the boards of directors of the Corporation and Pacific Gas and Electric Company as well as actions aimed at strengthening the company's safety culture. Fred Buckman, former CEO of Consumers Energy and PacifiCorp, has been appointed to the Boards as a new independent director, effective immediately. Buckman will replace Richard Kelly, who has resigned as a director of each of the boards. PG&E also will be hiring Christopher Hart, former chairman of the National Transportation Safety Board, to serve as a special independent safety advisor. Hart will report directly to PG&E Corporation CEO and President, Bill Johnson. These announcements follow constructive engagement between PG&E and BlueMountain Capital Management, LLC. In connection with the changes, the company will propose to increase the maximum size of the PG&E Corporation board to 15 directors, to be voted on at the Annual Meeting. In filling the fifteenth director position, the PG&E boards will be focused on identifying candidates with strong clean energy/clean technology experience, a background in network and customer technology, strong ties to California, and expertise in California's clean energy goals. PG&E and BlueMountain have entered into an agreement under which BlueMountain will vote all of its shares in favor of each of the company's board nominees at the joint 2019 Annual Meeting of Shareholders of PG&E Corporation and Pacific Gas and Electric Company. In addition to withdrawing its slate of directors for election at PG&E's Annual Meeting, BlueMountain will also abide by customary standstill provisions and voting commitments.