Pacific Gas & Electric said on Wednesday that its chief executive, Bill Johnson, would retire at the end of June after seeing the troubled company through its bankruptcy.
Mr. Johnson, a utility industry veteran, joined PG&E last May after it was forced to seek bankruptcy protection because of billions of dollars in claims from wildfires started by its equipment.
“I joined PG&E to help get the company out of bankruptcy and stabilize operations. By the end of June, I expect that both of these goals will have been met,” Mr. Johnson said in a statement.
When PG&E’s board announced Mr. Johnson’s appointment, it did not suggest that his tenure would be short. In a statement at the time, the board said he was “the right leader for PG&E as we work to strengthen our safety culture and navigate a complex and challenging period in our company’s history.”
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. He was also entitled to receive stock compensation potentially worth millions of dollars.
The company said William Smith, who joined PG&E’s board last year, would serve as interim chief executive. Mr. Smith is a retired AT&T executive.
This is a developing story. Check back for updates.