The person to lead California utility giant PG&E Corp. out of the biggest utility bankruptcy in U.S. history may be Bill Johnson, the outgoing chief of the Tennessee Valley Authority, a federally operated utility.
. State officials and PG&E investors alike have been pressing the company for a management overhaul.
Johnson is perhaps best known as the man who served as CEO of North Carolina power giant Duke Energy Corp. for less than a day. He was appointed as part of the company’s $17.8-billion takeover of Progress Energy in 2012 but was replaced eight hours later with James Rogers, the former CEO of Duke who was supposed to become executive chairman.
The new board probably won’t include candidates from a competing slate proposed by activist investor BlueMountain Capital Management, said the people. PG&E and Jones Day may announce an agreement by next week, they said, while cautioning that talks are ongoing and may still fall apart.
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