PG&E Corp 8-K Summary: Executive Appointment
Business Context and Reporting Period
This Form 8-K was filed on January 4, 2019, by PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (PG&E). The report details a change in senior management at the Utility subsidiary effective January 8, 2019.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It is a current report focused solely on personnel changes.
Material Changes
The primary material change is the appointment of Michael A. Lewis as Senior Vice President, Electric Operations, succeeding Patrick M. Hogan. Mr. Hogan is retiring from the Utility on January 28, 2019.
Management Commentary and Compensation
- New Appointment: Michael A. Lewis, 56, was elected to the role of Senior Vice President, Electric Operations.
- Background: Mr. Lewis joined PG&E in August 2018 as Vice President, Electric Distribution Operations. Previously, he held leadership roles at Duke Energy Corporation, including Senior Vice President and Chief Distribution Officer.
- Compensation: Mr. Lewis will receive an annual salary of $450,000 and a one-time promotional cash award of $125,000.
- Reporting Line: Mr. Lewis will report to the Board of Directors of the Utility.
Investor Verification Checklist
- Verify the effective date of Michael A. Lewis's new role (January 8, 2019).
- Confirm the retirement date of Patrick M. Hogan (January 28, 2019).
- Review the specific compensation package details ($450,000 salary + $125,000 award).
- Assess Mr. Lewis's prior experience at Duke Energy regarding safety benchmarks and distribution operations.