PG&E’s CFO Leaves To Join Another Utility – C-Suite Transitions

PG&E (PCG), the large California utility has had a difficult few years marred by several lawsuits due to everything from a gas line explosion in San Bruno that blew up dozens of homes in 2010 and more than 30 wildfires triggered by PG&E equipment since 2017. Settlements for these lawsuits have run into the tens of billions of dollars.

Given the challenges the utility and its aging infrastructure faces, it is not surprising that on March 12, 2023, Christopher A. Foster, the CFO of the company informed PG&E that he is resigning from his position effective May 4, 2023 after just two years in the position.

Welcome to edition 33 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. Silvergate Capital Corp (SI): On March 20, 2023, Ben Reynolds, President of the company and the Bank, was laid off in connection with the company’s previously disclosed intent to wind down the operations of the Bank.
2. First Financial Bancorp (FFBC): On March 16, 2023, First Financial Bancorp. announced that John Gavigan, Chief Operating Officer steps down from the company on April 1, 2023. Mr. Gavigan’s separation from employment is being treated as terminated without “Cause”.
3. Clene (CLNN): On March 15, 2023, Robert Glanzman, M.D., FAAN, Chief Medical Officer, notified the company of his intent to retire from his position, effective as of April 1, 2023.

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