PG&E Corporation Appoints Carolyn Burke as Executive Vice President and Chief Financial Officer

Rhea-AI Summary

PG&E Corporation (NYSE: PCG) announced the appointment of Carolyn Burke as Executive Vice President and Chief Financial Officer, effective May 4, 2023. With extensive experience in financial turnaround strategies at Fortune 500 companies, Burke aims to implement enterprise-wide improvements. She previously held executive roles at Chevron Phillips Chemical and Dynegy, where she played a key role in the company's recovery from bankruptcy. Burke has been advising PG&E since January 2023 and will take over from Chris Foster, who will depart following the first quarter earnings call on May 4.

Positive

• Carolyn Burke's extensive turnaround experience is expected to strengthen PG&E's financial operations.
• Her prior roles indicate a capacity for implementing enterprise-wide changes that could benefit PG&E.

Negative

• Transition in leadership may raise concerns regarding continuity in financial strategy.
• Burke's success at PG&E is contingent on navigating existing operational challenges.

Ms. Burke Brings Decades of Financial Acumen and Turnaround Experience to PG&E

OAKLAND, Calif., March 15, 2023 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) today announced that Carolyn Burke, a finance and operations executive with extensive leadership and turnaround experience in Fortune 500 energy and financial services companies, will assume the role of Executive Vice President and Chief Financial Officer, effective May 4, 2023.

Ms. Burke brings strong experience in implementing enterprise-wide culture change and driving key financial and process improvements to PG&E. She was most recently Executive Vice President and Chief Financial Officer at Chevron Phillips Chemical Company, and previously Executive Vice President, Strategy at Dynegy, where she was part of the executive management team that helped lead the company's emergence from bankruptcy to become a successful power generation and retail electric company.

Prior to Dynegy, Ms. Burke served as Global Controller, Investment Bank, Global Commodities at JP Morgan Chase, where she supported its business expansion and built finance commodities expertise. Before this, she was Vice President and Corporate Controller at NRG Energy, Inc., where she helped rebuild its finance team and strengthen financial operations as part of a turnaround.

Ms. Burke has acted in an advisory capacity to PG&E since January 2023. She will succeed Chris Foster, who will leave PG&E following its first quarter earnings call on May 4, 2023, to join CenterPoint Energy as its new Executive Vice President and Chief Financial Officer.

PG&E Corporation will hold a conference call for the investor community today, Wednesday March 15, 2023, at 5:00 p.m. Eastern time, to discuss these management updates. To access the live audio webcast, please visit the PG&E Corporation Investor Relations website at https://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

"Carolyn brings invaluable experience in implementing enterprise-wide change at companies emerging from bankruptcy processes. She has exactly the skills we need at PG&E as we strive to deliver consistent operating and financial performance for our customers and investors," said PG&E Corporation Chief Executive Officer Patti Poppe. "As we welcome Carolyn, I also wish Chris Foster the very best in his new role. Chris has played a significant role helping PG&E navigate through bankruptcy and putting us on the strong recovery path we are on today."

As Chief Financial Officer, Ms. Burke will be responsible for audit, accounting, financial planning, investor relations, treasury, and tax functions.

Ms. Burke earned a Master of Business Administration in Finance and Strategy at The University of Chicago Booth Graduate School of Business, and a Bachelor of Arts in Economics and Political Science at Wellesley College.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com. In this press release, they are together referred to as "PG&E."

 

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SOURCE PG&E Corporation

FAQ

Who is Carolyn Burke, and what is her experience related to PG&E (PCG)?

Carolyn Burke is the newly appointed Executive Vice President and Chief Financial Officer of PG&E Corporation, effective May 4, 2023. She has a strong background in financial turnaround strategies from her roles at Fortune 500 companies.

What position did Chris Foster hold at PG&E (PCG), and why is he leaving?

Chris Foster was the Chief Financial Officer at PG&E Corporation and is leaving to become the Executive Vice President and Chief Financial Officer at CenterPoint Energy after the first quarter earnings call on May 4, 2023.

What will Carolyn Burke's responsibilities be at PG&E (PCG)?

As Chief Financial Officer, Carolyn Burke will manage audit, accounting, financial planning, investor relations, treasury, and tax functions.

When will PG&E (PCG) hold a conference call regarding the management changes?

PG&E Corporation will hold a conference call on March 15, 2023, at 5:00 p.m. Eastern time to discuss the management updates.