PG&E Is Giving a Gas Executive a Raise Ahead of Its Bankruptcy
(Bloomberg) -- PG&E Corp., the embattled California utility giant facing billions of dollars in wildfire liabilities, is giving a $75,000 raise to a key executive just days before it files for bankruptcy.
The company said in a filing Friday that its board had signed off on a compensation increase for Jesus Soto Jr., PG&E’s senior vice president of gas operations, that’ll bring his annual base salary to $575,000. Watch for similar announcements in the coming days -- companies often come up with incentives like this during restructurings to prevent a brain drain from the executive ranks.
PG&E has said it’ll make a Chapter 11 filing next week to deal with fire liabilities that may exceed $30 billion.
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