Bankrupt utility will shake up board

SAN FRANCISCO — Pacific Gas & Electric Corp., which filed for bankruptcy last month, announced a boardroom shakeup that would bring back at most half of the current board members.

No more than five of the utility owner’s 10 current board members will stand for re-election at its coming shareholders meeting, according to a statement Monday. The company wants mostly independent directors, and the new board will have 11 of them, it said.

“We fully understand that PG&E must re-earn trust and credibility with its customers, regulators, the communities it serves and all of its stakeholders,” according to the statement.

The utility owner has faced pressure from lawmakers, regulators and shareholders to revamp its management after 2017 and 2018 fires exposed it to liabilities that could exceed $30 billion and pushed the company into bankruptcy last month.

The next shareholders’ meeting is scheduled for May 21.