(Bloomberg) -- PG&E Corp.’s former Chief Executive Officer Geisha Williams will likely walk away with millions in cash after guiding California’s biggest utility through a turbulent two years that may send it to bankruptcy court.
The departure of Williams, 57, was announced Sunday, hours before the company said it was notifying workers it could file for bankruptcy within weeks. During her tenure at the helm of the San Francisco-based utility, it accrued more than $30 billion in potential wildfire liabilities, according to analyst estimates.
PG&E said Monday that Williams will receive severance. That payment will likely be $2.36 million to $4.46 million, depending on how her departure is categorized, according to the firm’s most recent proxy statement. She also has $3.1 million of pension benefits that may be in flux if the firm enters bankruptcy court. She was paid $8.6 million in 2017, mostly consisting of stock awards, the filing shows. Her unvested stock options and restricted shares will likely be wiped out if the firm enters Chapter 11.
Williams knew the risks that she faced because of wildfires liabilities. At an energy conference last year in Houston she said -- jokingly -- that if she failed to change a state law on wildfires, “I won’t be here in two years.”
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