0000950157-21-000403.txt : 20210407 0000950157-21-000403.hdr.sgml : 20210407 20210407090021 ACCESSION NUMBER: 0000950157-21-000403 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210407 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210407 DATE AS OF CHANGE: 20210407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PG&E Corp CENTRAL INDEX KEY: 0001004980 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 943234914 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12609 FILM NUMBER: 21810847 BUSINESS ADDRESS: STREET 1: 77 BEALE STREET STREET 2: P.O. BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 BUSINESS PHONE: 4159731000 MAIL ADDRESS: STREET 1: 77 BEALE STREET STREET 2: P.O. BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 FORMER COMPANY: FORMER CONFORMED NAME: PG&E CORP DATE OF NAME CHANGE: 19961219 FORMER COMPANY: FORMER CONFORMED NAME: PG&E PARENT CO INC DATE OF NAME CHANGE: 19951214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC GAS & ELECTRIC Co CENTRAL INDEX KEY: 0000075488 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 940742640 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02348 FILM NUMBER: 21810848 BUSINESS ADDRESS: STREET 1: 77 BEALE ST STREET 2: P O BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 BUSINESS PHONE: 4159737000 MAIL ADDRESS: STREET 1: 77 BEALE STREET STREET 2: P O BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC GAS & ELECTRIC CO DATE OF NAME CHANGE: 19920703 8-K 1 form8-k.htm CURRENT REPORT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K



CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report: April 7, 2021
(Date of earliest event reported)


 
Commission File Number
 
Exact Name of Registrant
as specified in its charter
 
State or Other Jurisdiction of Incorporation or Organization
 
IRS Employer Identification Number
001-12609
 
PG&E CORPORATION
 
California
 
94-3234914
001-02348
 
PACIFIC GAS AND ELECTRIC COMPANY
 
California
 
94-0742640
 
 graphic    graphic
77 BEALE STREET
 
77 BEALE STREET
P.O. BOX 770000
 
P.O. BOX 770000
SAN FRANCISCO, California 94177
 
SAN FRANCISCO, California 94177
(Address of principal executive offices) (Zip Code)
 
(Address of principal executive offices) (Zip Code)
(415) 973-1000
 
(415) 973-7000
(Registrants telephone number, including area code)
 
(Registrants telephone number, including area code)
     

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, no par value
PCG
The New York Stock Exchange
Equity Units
PCGU
The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
PCG-PE
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable
PCG-PD
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
PCG-PG
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
PCG-PH
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
PCG-PI
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
PCG-PA
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
PCG-PB
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
PCG-PC
NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
PG&E Corporation

Emerging growth company
Pacific Gas and Electric Company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

PG&E Corporation
Pacific Gas and Electric Company




Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 7, 2021, Pacific Gas and Electric Company (the “Utility”) announced that its board of directors appointed Jason M. Glickman, 40, as Executive Vice President, Engineering, Planning, and Strategy of the Utility, effective May 3, 2021.  Mr. Glickman will serve as a principal executive officer of the Utility, together with Adam L. Wright, Executive Vice President, Operations and Chief Operating Officer, and Marlene M. Santos, Executive Vice President and Chief Customer Officer.

Mr. Glickman is currently a Partner and the Global Head of Utilities and Renewables at Bain & Company.  He became a Partner in 2014 and the Global Head of Utilities and Renewables in March 2020.  His work focuses on advising leading energy ecosystem companies on large-scale transformation, spanning strategy and sustainability, as well as cost and digital transformation.  Prior to becoming a Partner, Mr. Glickman served as a Consultant at Bain & Company from 2007 to 2014.  Prior to that, Mr. Glickman served as a Principal at EY–Parthenon (formerly The Parthenon Group) from 2002 to 2007.

In connection with Mr. Glickman’s appointment, Mr. Glickman will receive an annual base salary of $675,000.  Mr. Glickman will be eligible to participate in the Utility’s annual Short-Term Incentive Plan, as in effect from time to time, with an initial target participation rate of 75% of his base salary.  Mr. Glickman will be eligible to participate in the Utility’s Long-Term Incentive Plan with an initial target value of $1.75 million for 2021.  Mr. Glickman will receive a sign-on bonus of $500,000 in cash, which is subject to clawback if he voluntarily resigns within two years.  Mr. Glickman will also be eligible to receive executive benefits, as described in PG&E Corporation and the Utility’s joint Annual Report on Form 10-K/A filed on March 31, 2020.

There are no arrangements or understandings between Mr. Glickman and any other persons pursuant to which he was selected as Executive Vice President, Engineering, Planning, and Strategy of the Utility.  Further, there are no family relationships between Mr. Glickman and any director or executive officer of PG&E Corporation or the Utility.  In addition, Mr. Glickman has not been party to any reportable transactions with PG&E Corporation or the Utility pursuant to Item 404(a) of the Securities and Exchange Commission Regulation S-K.

A copy of the related news release dated April 7, 2021 is attached to this report as Exhibit 99.1.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number
 
Description

104
 
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

  PG&E CORPORATION  
       
Date: April 7, 2021
By:
/s/ JOHN R. SIMON  
    Name: John R. Simon  
    Title: Executive Vice President, General Counsel and Chief Ethics & Compliance Officer  
       

  PACIFIC GAS AND ELECTRIC COMPANY  
       
Date: April 7, 2021
By:
/s/ BRIAN M. WONG  
    Name: Brian M. Wong  
    Title: Vice President, General Counsel and Corporate Secretary  
       

EX-99.1 2 ex99-1.htm PRESS RELEASE
Exhibit 99.1

Marketing & Communications | 77 Beale Street | San Francisco, CA  94105 | 415.973.5930 | www.pge.com
 
 
 
April 7, 2021

PG&E Appoints Jason Glickman as Executive Vice President, Engineering, Planning, and Strategy

Glickman Joins from Bain & Company and is a Recognized Energy Industry Expert with Deep Strategic Experience

Appointment is Eighth Leadership Addition Since January to Help Revamp Senior Team

SAN FRANCISCO — Pacific Gas and Electric Company (PG&E) today announced the appointment of Jason Glickman as Executive Vice President, Engineering, Planning, and Strategy, effective May 3, 2021. Mr. Glickman will report to Patti Poppe, Chief Executive Officer of PG&E Corporation.

“I am thrilled to welcome Jason to PG&E. He is a seasoned and strategic industry thought leader with an impressive track record of helping energy companies meet their goals and achieve large-scale transformations,” said Ms. Poppe. “He understands our industry inside and out and has what it takes to move an investor-owned utility toward a more resilient, safe, sustainable and affordable energy future. I am confident that Jason’s expertise, vision and leadership will help us continue to strengthen PG&E for our customers and communities.”

In this newly created role, Mr. Glickman will oversee the utility’s near-term priorities and long-term planning. This will include oversight of PG&E’s utility assets, including the gas system and electric infrastructure.

“Having spent the last 20 years living, working and raising a family in Northern California, I see enormous opportunities to rethink and rebuild our energy infrastructure and transportation systems to help the state achieve its bold clean energy goals and combat the changing climate. I’m honored to join PG&E and this new leadership team that’s focused on delivering safe, reliable and clean energy to the 16 million people we are fortunate to serve every day,” said Mr. Glickman.

Mr. Glickman brings industry expertise and extensive strategic experience to PG&E. He currently serves as a Partner and the Global Head of Utilities and Renewables at Bain & Company and resides in Oakland, CA. He became a Partner in 2014 and the Global Head of Utilities and Renewables in March 2020. At Bain, his clients have included major investor-owned utilities and other industry leaders, with which he has worked closely over sustained periods of time to deliver measurable results. His work has focused on advising leading energy companies on strategy and sustainability, as well as affordability and digital transformation. He has designed and implemented comprehensive long-term plans that encompass asset strategy, engineering and operations, and he has led several multi-year enterprise affordability programs to benefit customers.
 
Prior to becoming a Partner at Bain, Mr. Glickman served as a consultant there from 2007 to 2014. Prior to that, Mr. Glickman served as a Principal at EY – Parthenon (formerly The Parthenon Group) from 2002 to 2007. He holds a BS and an MS in Management Science & Engineering from Stanford University.

Since Ms. Poppe began as the company’s new CEO in January 2021, PG&E has bolstered its leadership team with eight new senior executive hires with significant energy, transformation, operations and safety experience.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.


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Document and Entity Information
Apr. 07, 2021
Entity Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 07, 2021
Entity Registrant Name PG&E CORPORATION
Entity Incorporation, State or Country Code CA
Entity File Number 001-12609
Entity Tax Identification Number 94-3234914
Entity Address, Address Line One 77 BEALE STREET
Entity Address, Address Line Two P.O. BOX 770000
Entity Address, City or Town SAN FRANCISCO
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94177
City Area Code 415
Local Phone Number 973-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001004980
The New York Stock Exchange [Member] | Common stock, no par value [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, no par value
Trading Symbol PCG
Security Exchange Name NYSE
The New York Stock Exchange [Member] | Equity Units [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Equity Units
Trading Symbol PCGU
Security Exchange Name NYSE
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 5% series A redeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
Trading Symbol PCG-PE
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 5% redeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 5% redeemable
Trading Symbol PCG-PD
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 4.80% redeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
Trading Symbol PCG-PG
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 4.50% redeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
Trading Symbol PCG-PH
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
Trading Symbol PCG-PI
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 6% nonredeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
Trading Symbol PCG-PA
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
Trading Symbol PCG-PB
Security Exchange Name NYSEAMER
NYSE American LLC [Member] | First preferred stock, cumulative, par value $25 per share, 5% nonredeemable [Member]  
Entity Information [Line Items]  
Title of 12(b) Security First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
Trading Symbol PCG-PC
Security Exchange Name NYSEAMER
PACIFIC GAS AND ELECTRIC COMPANY [Member]  
Entity Information [Line Items]  
Entity Registrant Name PACIFIC GAS AND ELECTRIC COMPANY
Entity Incorporation, State or Country Code CA
Entity File Number 001-02348
Entity Tax Identification Number 94-0742640
Entity Address, Address Line One 77 BEALE STREET
Entity Address, Address Line Two P.O. BOX 770000
Entity Address, City or Town SAN FRANCISCO
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94177
City Area Code 415
Local Phone Number 973-7000
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Entity Central Index Key 0000075488
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