A trio of activist investors, that together own nearly 10 percent of PG&E stock, has been working with the company to change its management, the Journal reported. The three hedge funds, Abrams Capital Management LP, Knighthead Capital Management LLC and Redwood Capital Management LLC, said in a filing on Friday they had agreed with PG&E to work together to appoint a new CEO and refresh its board. bit.ly/2HqIxyMThe board slate they have helped PG&E assemble is expected to include experts on cybersecurity, nuclear security and restructurings, the Journal said. PG&E’s previous CEO, Geisha Williams, stepped down in January after less than two years on the job. It also said it expected the board to include 11 independent directors by the time of the meeting, without specifying how big the board would finally be.

Source: Wall Street Journal March 17, 2019 01:07 UTC