(Reuters) – California utility owner PG&E Corp said on Monday it agreed to a deal with BlueMountain Capital Management LLC to appoint a new independent director and a safety adviser, resolving a months-long battle with the activist shareholder.
BlueMountain, a New York-based hedge fund, in March selected 13 candidates it hoped to install as directors at PG&E’s board after slamming the embattled power utility for seeking bankruptcy protection.
Part - Agreement - BlueMountain - Slate - Candidates
As part of the agreement, BlueMountain will withdraw its nominee slate of 13 candidates and vote in favor of PG&E’s board nominees at the meeting, PG&E said in a statement.
PG&E said it has appointed Fred Buckman, former chief executive officer of utilities Consumers Energy and PacifiCorp, as an independent director, effective immediately, while Christopher Hart, former chairman of the National Transportation Safety Board, will serve as a special independent safety...
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