California's largest utility, PG&E Corp., named Patricia K. Poppe as its new chief executive officer to lead the energy giant as it struggles to regain public trust after its equipment sparked deadly wildfires that drove the company into bankruptcy last year. Poppe, who currently runs Michigan-based CMS Energy Corp., will be PG&E's third CEO in the past two years. She takes over on Jan. 4, replacing interim chief Bill Smith. PG&E shares rose as much as 4.1% before the start of regular trading in New York. "Patti is an exceptional leader," PG&E Chairman Robert Flexon said in a statement. "We all recognize that PG&E must continue to improve, adapt, and become more resilient to the changing climate." The stakes are high for the century-old utility. It pleaded guilty in June to 84 counts of involuntary manslaughter for its role in starting the Camp Fire, which destroyed the town of Paradise in 2018. Regulators have put in place oversight measures that could include a state takeover if the company causes another catastrophic blaze as drought and extreme weather have made California increasingly prone to wildfires.
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