UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K



CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report: April 7, 2021
(Date of earliest event reported)


 
Commission File Number
 
Exact Name of Registrant
as specified in its charter
 
State or Other Jurisdiction of Incorporation or Organization
 
IRS Employer Identification Number
001-12609
 
PG&E CORPORATION
 
California
 
94-3234914
001-02348
 
PACIFIC GAS AND ELECTRIC COMPANY
 
California
 
94-0742640
 
 graphic    graphic
77 BEALE STREET
 
77 BEALE STREET
P.O. BOX 770000
 
P.O. BOX 770000
SAN FRANCISCO, California 94177
 
SAN FRANCISCO, California 94177
(Address of principal executive offices) (Zip Code)
 
(Address of principal executive offices) (Zip Code)
(415) 973-1000
 
(415) 973-7000
(Registrants telephone number, including area code)
 
(Registrants telephone number, including area code)
     

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, no par value
PCG
The New York Stock Exchange
Equity Units
PCGU
The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
PCG-PE
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable
PCG-PD
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
PCG-PG
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
PCG-PH
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
PCG-PI
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
PCG-PA
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
PCG-PB
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
PCG-PC
NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
PG&E Corporation

Emerging growth company
Pacific Gas and Electric Company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

PG&E Corporation
Pacific Gas and Electric Company




Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 7, 2021, Pacific Gas and Electric Company (the “Utility”) announced that its board of directors appointed Jason M. Glickman, 40, as Executive Vice President, Engineering, Planning, and Strategy of the Utility, effective May 3, 2021.  Mr. Glickman will serve as a principal executive officer of the Utility, together with Adam L. Wright, Executive Vice President, Operations and Chief Operating Officer, and Marlene M. Santos, Executive Vice President and Chief Customer Officer.

Mr. Glickman is currently a Partner and the Global Head of Utilities and Renewables at Bain & Company.  He became a Partner in 2014 and the Global Head of Utilities and Renewables in March 2020.  His work focuses on advising leading energy ecosystem companies on large-scale transformation, spanning strategy and sustainability, as well as cost and digital transformation.  Prior to becoming a Partner, Mr. Glickman served as a Consultant at Bain & Company from 2007 to 2014.  Prior to that, Mr. Glickman served as a Principal at EY–Parthenon (formerly The Parthenon Group) from 2002 to 2007.

In connection with Mr. Glickman’s appointment, Mr. Glickman will receive an annual base salary of $675,000.  Mr. Glickman will be eligible to participate in the Utility’s annual Short-Term Incentive Plan, as in effect from time to time, with an initial target participation rate of 75% of his base salary.  Mr. Glickman will be eligible to participate in the Utility’s Long-Term Incentive Plan with an initial target value of $1.75 million for 2021.  Mr. Glickman will receive a sign-on bonus of $500,000 in cash, which is subject to clawback if he voluntarily resigns within two years.  Mr. Glickman will also be eligible to receive executive benefits, as described in PG&E Corporation and the Utility’s joint Annual Report on Form 10-K/A filed on March 31, 2020.

There are no arrangements or understandings between Mr. Glickman and any other persons pursuant to which he was selected as Executive Vice President, Engineering, Planning, and Strategy of the Utility.  Further, there are no family relationships between Mr. Glickman and any director or executive officer of PG&E Corporation or the Utility.  In addition, Mr. Glickman has not been party to any reportable transactions with PG&E Corporation or the Utility pursuant to Item 404(a) of the Securities and Exchange Commission Regulation S-K.

A copy of the related news release dated April 7, 2021 is attached to this report as Exhibit 99.1.

Item 9.01  Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number
 
Description

104
 
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document





SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

  PG&E CORPORATION  
       
Date: April 7, 2021
By:
/s/ JOHN R. SIMON  
    Name: John R. Simon  
    Title: Executive Vice President, General Counsel and Chief Ethics & Compliance Officer  
       

  PACIFIC GAS AND ELECTRIC COMPANY  
       
Date: April 7, 2021
By:
/s/ BRIAN M. WONG  
    Name: Brian M. Wong  
    Title: Vice President, General Counsel and Corporate Secretary