By Allison Prang
BlueMountain Capital Management LLC has nominated 10 men and three women to take over PG&E Corp.'s (PCG) board, a gender breakdown that would be similar to what the company has had in the past.
The existing board of California's largest utility consists of eight men and two women. The company ended 2018 with a board of nine men and three women, but Geisha Williams stepped down as chief executive and from the board on Jan. 13. Board member Roger Kimmel also resigned in January.
According to PG&E's 2018 corporate responsibility and sustainability report, the board included one African-American director, two Hispanic directors and two Asian or Asian-American directors.
In announcing its slate on Friday, BlueMountain described its proposed directors as "a diverse group of exceptional nominees with the skills, experience, and commitment that the Company needs." A spokesman declined to further detail the diversity of its nominees.
The hedge fund, which had protested the PG&E board's decision to file for bankruptcy, said it interviewed more than 60 potential candidates and evaluated over 170.
PG&E said it is in the process of replacing its board members with new independent directors.
"PG&E expects to continue discussions with shareholders, including BlueMountain, and other stakeholders regarding the appropriate composition of the Board," the company said in a statement Friday.
The company said this week it thinks it will be decided that its equipment caused a California fire that resulted in 85 deaths. Investigators determined the utility company's equipment was responsible for a number of fires in 2017 as well, which led to 22 deaths.
Write to Allison Prang at firstname.lastname@example.org