PG&E CEO Retires Unexpectedly Monday, April 25, 1:12 PM ET
PG&E Corporation (NYSE:
PCG) announced unexpectedly late last week that its chairman, CEO and president Peter Darbee will retire at the end of the month.
The board of directors said it has named lead director Lee Cox to serve as interim chairman, CEO and president.
Cox said that Darbee concluded a leadership change would create the best opportunity for the company to move forward after a challenging year.
A search for a replacement is already underway, he said.
A PG&E gas pipe explosion in the San Francisco suburb San Bruno killed eight people last September, and destroyed nearly 40 homes.
PG&E shares are trading up over .7% Monday.
At 7.56% of the portfolio, PG&E is a top five holding of the Utilities HOLDRS (
UTH) ETF, which is trading up slightly Monday.
Other top holdings in the fund include Exelon (NYSE:
EXC), Southern Company (NYSE: SO), Dominion Resources (NYSE: D), and NextEra Energy (NYSE: NEE).
PG&E is the sixth-largest holding of the Utilities Select Sector SPDR (AMEX:
XLU), which is trading up slightly Monday.
For MarketNewsVideo.com, Iím Sayoko Murase.
Thursday Sector Leaders: Communications Services, Agriculture & Farm Products
Related symbols: ETAK, CRCM, GRO, CRESY
Thursday Sector Laggards: Music & Electronics Stores, General Contractors & Builders
Related symbols: RSH, CONN, HXM, MHO
Wednesday Sector Leaders: Biotechnology, Rubber & Plastics
Related symbols: APRI, IMGN, CXDC, KRA
Thursday's ETF with Unusual Volume: PXE
Related symbols: PXE, SD, VLO, CRK
Thursday's ETF Movers: FCG, ITB
Related symbols: KWK, UPL, UFPI, MHO, ITB, FCG
RSX, EET: Big ETF Outflows
Related symbols: RSX, EET, MBT, YNDX
Daily Dividend Report: MS, PPG, DFS, SLB, GS
Related symbols: MS, PPG, DFS, SLB, GS
Daily Dividend Report: SHW, SWK, O, GT, SM, SPN
Related symbols: SHW, SWK, O, GT, SM, SPN
Daily Dividend Report: CSX, NTRS, FRC, NGLS, BTE
Related symbols: CSX, NTRS, FRC, NGLS, BTE
Weekly Market Wrap: April 17, 2014
Related symbols: SHW, MS, GS, CSX
Weekly Market Wrap: April 11, 2014
Related symbols: WY, F, LEN
Weekly Market Wrap: April 4, 2014
Related symbols: TJX, PNC, IR, LINE, LNCO
Week Ahead Market Report: April 14, 2014
Related symbols: SCHW, KO, BAC, GS
Week Ahead Market Report: April 7, 2014
Related symbols: AA, BBBY, STZ, RAD, FAST
Week Ahead Market Report: March 31, 2014
Related symbols: APOL, MON, MU, KMX
All videos » |
Stock market definitions »
PG&E CEO Retires Unexpectedly
| Market News Video | Copyright © 2008 - 2014, All Rights Reserved
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.