Bulk of board members at PG&E predicted to bow out

Half of the board at PG&E is unlikely to run for re-election at the besieged utility company, which is reeling in the aftermath of last year’s deadly California wildfires.

The company said Monday that it understands the need to “re-earn trust and credibility” with customers and regulators.

PG&E said it foresees 11 independent directors on its board by the time of its 2019 annual shareholders meeting on May 21. It doesn’t expect more than five of the current directors to seek another term.

It did not say which board members are likely to remain.

PG&E, the nation’s biggest utility, filed for Chapter 11 reorganization last month as it faces the possibility of tens of billions of dollars in claims.

PG&E has promised to spend more than $2 billion this year to improve wildfire prevention.