(San Francisco) – PG&E Corporation (NYSE:
PCG) has elected President and Chief Executive Officer
Peter A. Darbee to the additional position of Chairman
of the Boards of Directors for the Corporation and
its utility unit, Pacific Gas and Electric Company.
Also, Pacific Gas and Electric Company Executive Vice
President and Chief Operating Officer Thomas B. King
has been elected to become the utility’s President
and Chief Executive Officer, as well as a member of
the Pacific Gas and Electric Company Board of Directors.
The appointments are effective January 1, 2006.
Darbee, 52, has been the Corporation’s President
and CEO since January 1, 2005, leading the completion
of the company’s financial restoration and helping
to drive efforts in the Corporation’s utility
business aimed at strengthening operations and service
to customers. As Chairman, Darbee will succeed Robert
D. Glynn, Jr., 62, who will retire at year end in keeping
with plans he announced last December.
King, 43, will succeed Gordon R. Smith, 57, who is
leaving the company at the end of the year. King will
also become a Senior Vice President of PG&E Corporation.
As Executive Vice President and COO, King has been
spearheading the utility’s major initiative to
transform its operations and deliver better, faster
and more cost-effective service.
“Peter and Tom have provided outstanding leadership
in their current roles,” said Glynn. “Today’s
announcements represent the next logical step for our
company. Peter and Tom, with their talent and energy,
are well suited to drive the continued growth of the
Corporation and its core business and to succeed in
the many opportunities we have to deliver value for
shareholders and customers,” said Glynn. “We
extend our sincere appreciation and gratitude to Gordon
Smith for his 35 years of dedicated service to PG&E,
including his leadership as CEO and a director since
1997. He has been instrumental in PG&E achieving
the solid position it is in today.”
Darbee joined PG&E Corporation as Senior Vice
President and Chief Financial Officer in 1999. His
prior experience includes senior executive positions
in the telecommunications industry, where he served
as Vice President, Chief Financial Officer and Controller
of Pacific Bell. Earlier, he was an investment banker
with Goldman Sachs, where he was Vice President and
co-head of the energy and telecommunications group.
He also held positions at Salomon Brothers and AT&T.
“As Chairman and previously as CEO, Bob Glynn
expertly guided PG&E through one of the most demanding
periods of change in the industry’s history,” said
Darbee. “The strength and stability of our company
today are a direct result of his contributions. I’m
honored to lead the Boards as we work together with
our management team to continue strengthening PG&E’s
business for the benefit of its customers and shareholders.”
Darbee holds a bachelor’s degree in economics
from Dartmouth College and an M.B.A. from the Amos
Tuck School of Business at Dartmouth. He has completed
the Nuclear Reactor Technology Program at the Massachusetts
Institute of Technology. He is a member of the Financial
Executives Institute and is also a member of the Committee
on Jobs, in San Francisco.
In his current role, King has directed the utility's
operations for gas and electric transmission and distribution,
electric generation (including nuclear operations),
customer service, customer revenue transactions, general
services, internet services, business development,
and rates and account services. King joined PG&E
Corporation in 1998 as President and Chief Operating
Officer of PG&E Gas Transmission. In late 2002,
he was given the assignment to lead the Corporation’s
PG&E National Energy Group unit as it prepared
for its restructuring. Following that assignment, King
continued in his role as Senior Vice President of PG&E
Corporation, before joining Pacific Gas and Electric
Company in late 2003.
“It’s an honor to be named to lead Pacific
Gas and Electric Company at one of the most exciting
times in our history,” said King. “Pacific
Gas and Electric Company is in a solid position today
and is using that platform to initiate bold steps to
better serve our customers, including significant new
investments in technology and infrastructure. I look
forward to continuing that work and helping our company
build on its proud history of service.”
Earlier, King held several senior executive positions
at major firms in the wholesale natural gas industry,
including Kinder Morgan Energy Partners, where he
was President and Chief Operating Officer. King
holds a bachelor's degree in business administration
from Louisiana State University and is a graduate
of University of Michigan's Executive Management
Program. He has also completed the Nuclear Reactor
Technology Program at the Massachusetts Institute
of Technology.
Smith has led Pacific Gas and Electric Company as
President and Chief Executive Officer since 1997. Previously,
he served for six years at Chief Financial Officer.
He joined the company in 1970 as a financial analyst
and has held a number of executive financial positions,
serving as Treasurer, Vice President of Finance, and
Senior Vice President. He is also a director of the
California Chamber of Commerce and the Bay Area Council,
and he is a trustee of the Monterey Bay Aquarium. Smith
holds a bachelor's degree from the Haas School of Business
at the University of California at Berkeley and an
M.B.A. from the McLaren School of Business at the University
of San Francisco.