Bay Area dodges perfect storm of dangerous fire conditions — for now South Bay customers affected by Comcast internet outage, Are you McReady? Fire watch: PG&E restores power to 305,000 with no new flare-ups overnight Power shutoffs hit Northern California as dangerous winds pick up, threatening thousands overnight The remaining 75 percent would consist of restricted stock units that are based on performance. “Mr. PG&E toppled into bankruptcy on Jan. 29, listing $51.69 billion in debts, hoping to ward off a forbidding mountain of liabilities and wildfire-linked claims following lethal infernos in Northern California in 2015, 2017 and 2018 that were caused by, or directly associated with, PG&E’s equipment. “The terms and conditions of Mr. Johnson’s compensation arrangements are subject to the approval of the U.S. Bankruptcy Court,” PG&E stated in the regulatory filing. William “Bill” Johnson was formally appointed on April 10 to become the new CEO of the company, which has been plodding through a bankruptcy proceeding as it wrestles with financial calamities linked to wildfire-related liabilities and debts. PG&E declined the I-Team's request to interview the incoming CEO, Bill Johnson, today or to reveal how much he'll make in his new job. William “Bill” Johnson, PG&E’s new CEO, will receive an annual base salary of $2.5 million along with a one-time transition payment of $3 million on the first day of his emplo… Get Morning Report and other email newsletters. “Like other companies, PG&E sets executive compensation to be comparable with similar companies in the industry,” PG&E spokesman Andy Castagnola said in a prepared release. George Avalos is a business reporter for the Bay Area News Group. Johnson will receive an annual equity award with a target value of $3.5 million,” PG&E said in the regulatory filing. Separately, PG&E is a convicted felon for crimes it committed before and after a fatal explosion in San Bruno that killed eight people. Johnson, 65, headed the TVA for six years. Related Articles Post was not sent - check your email addresses! Johnson will receive an annual base salary of $2.5 million along with a one-time transition payment of $3 million on the first day of his employment, according to documents that PG&E filed with the Securities and Exchange Commission. CLICK HERE TO TURN ON NOTIFICATIONS. Sorry, your blog cannot share posts by email. Smith, who joined the PG&E Board of Directors in 2019, will serve in this role from the time of Johnson's departure through the appointment of a new CEO. In addition to the base salary, Johnson is also poised to receive a stock-based pay package that could be worth several million more dollars. The company stated that safety metrics would have 65 percent of the weight for determining Johnson’s performance, while 25 percent of the weighting would be based on PG&E’s financial performance and 10 percent would be based on customer satisfaction. PG&E’s new chief executive officer will receive a base salary of $2.5 million a year, according to a new regulatory filing on Tuesday. Bay Area weather: Strong winds begin to stir and power shutoffs commence, as officials warn of extreme fire danger San Francisco-based PG&E stated that 25 percent of the stock-based package would consist of restricted stock units to be paid out on the three anniversaries of the first day of Johnson’s employment. Johnson, until recently the chief executive officer of the Tennessee Valley Authority, has agreed to head PG&E for at least three years, the regulatory documents revealed. GET BREAKING NEWS IN YOUR BROWSER. “In our 2020 general rate case proposal, we are not asking that customers pay for any compensation for any company officer.”. Last year, PG&E said Mr. Johnson would receive a base salary of $2.5 million a year and a $3 million “transition payment” on his first day. The McRib is coming back, Pandemic: Wells Fargo donates to tenant legal efforts, Watch: California Gov. All Access Digital offer for just 99 cents! PSPS: Power back on for entire Bay Area Johnson will remain on the board until June 30. Johnson and Smith will use May and June to transition. Gavin Newsom at new large-scale COVID-19 testing lab on state’s coronavirus response, Oct. 30. PG&E’s new top boss will make millions starting…, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window), Comcast, San Jose Sharks among members ditching Silicon Valley Organization in droves after racist ad, PG&E bestows multi-million-dollar pay package on new CEO, Fire watch: PG&E restores power to 305,000 with no new flare-ups overnight, Bay Area dodges perfect storm of dangerous fire conditions — for now, Power shutoffs hit Northern California as dangerous winds pick up, threatening thousands overnight, Bay Area weather: Strong winds begin to stir and power shutoffs commence, as officials warn of extreme fire danger. PG&E has named William "Bill" Smith as Interim CEO.

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