PG&E Corp 8-K Summary: Director Departure
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 January 17, 2008. The report covers an event that occurred on January 11, 2008, regarding the departure of a member of the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly a disclosure of corporate governance changes and contains no financial performance data.
Material Changes
The material change disclosed is the announced retirement of David A. Coulter from the Boards of Directors of both PG&E Corporation and Pacific Gas and Electric Company. Mr. Coulter will not stand for re-election at the joint annual meeting of shareholders scheduled for May 14, 2008.
Management Commentary and Risks
Mr. Coulter cited his increasing responsibilities as Managing Director and Senior Advisor of Warburg Pincus LLC, a global private equity firm, as the reason for his retirement. He has served as a director since 1996, totaling more than 10 years of service. At the time of departure, he held the following key positions:
- Member of the Executive Committee for both Boards.
- Member of the Compensation Committee of the PG&E Corporation Board.
- Chair of the Finance Committee of the PG&E Corporation Board.
The filing does not disclose specific risks, contingencies, or unusual items related to financial operations.
Key Facts for Investor Verification
- David A. Coulter is retiring after over 10 years of service, effective after the May 14, 2008, shareholder meeting.
- Mr. Coulter was the Chair of the Finance Committee and a member of the Executive and Compensation Committees.
- The departure is attributed to his role at Warburg Pincus LLC.
- Investors should verify the timeline and qualifications of the replacement director to be nominated for the May 2008 meeting.