PG&E's stock tumbles toward 16-year low, after retirement of officer of electric operations adds to bankruptcy worries
Shares of PG&E Corp. tumbled 12% in morning trade, extended the recent plunge toward 16-year lows, as the sudden retirement of an executive officer of the utility added to growing fears of a potential bankruptcy. The company disclosed in a filing with the Securities and Exchange Commission that Patrick Hogan, senior vice president of electric operations at Pacific Gas and Electric Co., will retire effective Jan. 28. The company said Michael Lewis will take over Hogan's role, effective Jan. 8. Hogan joined PG&E in 2013, while Lewis joined PG&E as vice president of electric distribution operations in August 2018. The stock, which was on track for its lowest close since May 2003, has plummeted 65% over the past three months, amid concerns the California utility might be forced to seek bankruptcy protection because of billions in liabilities tied to the state's recent wildfires. In comparison, the Dow Jones Utility Average has declined 4.9% over the past three months and the Dow Jones Industrial Average has shed 10.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.