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.
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PG&E CEO Retires Unexpectedly
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