PG&E Corp. Chief Executive Officer Bill Johnson is stepping down from the bankrupt California power giant, effective June 30.

Johnson, who joined the company about 11 months ago, is not leaving as a result of any disagreement, the utility said in a filing. William L. Smith, a PG&E board member, will serve as interim CEO.

PG&E filed for Chapter 11 last year facing an estimated US$30 billion in liabilities from wildfires blamed on its equipment. Earlier this week, California regulators said they’d approve the company’s bankruptcy plan if it submitted to increased state oversight and took other steps, moving the power giant one step closer to exiting the biggest utility bankruptcy in U.S. history.

“I joined PG&E to help get the company out of bankruptcy and stabilize operations. By the end of June, I expect that both of these goals will have been met,” Johnson said in a statement.

PG&E shares rose 1 per cent at 9:31 a.m. in New York.

Under Johnson’s leadership, PG&E has pushed for months to devise a reorganization plan that would satisfy both state officials and creditors. After striking a series of settlements with major claimants including fire victims, the company is now racing to gain approval of its turnaround plan by June 30 to qualify for a state fire insurance fund.

Johnson’s successor, Smith, spent 37 years with AT&T Services Inc.

Before PG&E, Johnson was CEO of the federally owned utility Tennessee Valley Authority. But he was best known as the victim of a strange moment of boardroom drama. In 2012, he was fired as CEO of Duke Energy Corp. less than an hour after the energy giant finalized its takeover of his prior company, Progress Energy.