Business Context and Reporting Period
This Form 8-K Current Report was filed by PG&E Corporation and its subsidiary, Pacific Gas and Electric Company, on November 28, 2022. The report addresses executive leadership changes within the Utility, specifically the resignation of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and associated compensation arrangements rather than financial performance data.
Material Changes
- Departure: David S. Thomason, Vice President and Controller of PG&E Corporation and Vice President, Chief Financial Officer and Controller of the Utility, resigned effective January 9, 2023.
- Appointment: Stephanie N. Williams was appointed as Vice President and Controller of PG&E Corporation and Vice President, Chief Financial Officer and Controller of the Utility, effective January 10, 2023.
Management Commentary and Compensation
Ms. Williams, 40, is an internal candidate who has served the Utility since 2010. Her compensation package includes:
- Base Salary: Increased to $375,000 annually.
- Short-Term Incentive: Eligible with an initial target participation rate of 50% of base salary.
- Long-Term Incentive: Eligible with an initial target value of $400,000 for 2023.
- Benefits: Eligible for executive benefits as described in the 2022 joint proxy statement.
The filing states there are no arrangements or understandings between Ms. Williams and any other person regarding her selection.
Investor Verification Checklist
- Confirm the effective dates of the CFO transition (January 9 and January 10, 2023).
- Review the 2022 joint proxy statement for details on executive benefits referenced in the appointment.
- Verify Ms. Williams' prior roles within the Utility's Business Finance and Accounting departments.
- Monitor subsequent filings for any changes to the Utility's financial reporting or strategy under new leadership.