12/16/2024 | Press release | Distributed by Public on 12/16/2024 15:17
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Directors; Compensatory Arrangements of Certain Officers.
On December 12, 2024, Leo P. Denault was elected to the boards of directors (the "Boards") of PG&E Corporation and its subsidiary Pacific Gas and Electric Company (the "Utility"), effective February 19, 2025. Mr. Denault has been appointed to serve on each of the Audit Committees of the PG&E Corporation and Utility Boards, and the Finance and Innovation Committee of the PG&E Corporation Board.
Mr. Denault has over 40 years of experience in the power industry. Most recently, Mr. Denault served as the Chairman and Chief Executive Officer of Entergy Corporation, an integrated energy company engaged primarily in electric power production and retail distribution operation, from 2013 through 2022. Mr. Denault joined Entergy Corporation in 1999 as its Vice President, Corporate Development and Strategic Planning and served in positions of increased responsibility during his career.
After Mr. Denault joins the Boards, the Board of PG&E Corporation will consist of 14 members, and the Board of the Utility will consist of 15 members.
In connection with Mr. Denault's appointment, Mr. Denault will be compensated in accordance with PG&E Corporation's and the Utility's standard compensation policies and practices for non-employee directors of the Boards, as most recently described in PG&E Corporation's and the Utility's joint proxy statement filed with the Securities and Exchange Commission on April 4, 2024. Such policies and practices are subject to change from time to time.
There are no arrangements or understandings between Mr. Denault and any other persons pursuant to which he was appointed to the Board of Directors of PG&E Corporation and the Utility. Further, there are no family relationships between Mr. Denault and any director or executive officer of PG&E Corporation and the Utility. In addition, Mr. Denault has not been party to any reportable transactions with PG&E Corporation or the Utility pursuant to Item 404(a) of Securities and Exchange Commission Regulation S-K.