BlueMountain Capital Management, LLC Urges PG&E Shareholders to Replace Board
Plans to Announce New Slate of Board Members by No Later Than February 21
Board Election to Be Held at Annual Shareholder Meeting (NYSE: PCG)
Board has "failed" the Company, shareholders, customers, employees & the people of California
"There is no imminent financial crisis - there is a leadership crisis."
"It is time for shareholders to step up."
NEW YORK, Jan. 24, 2019 /PRNewswire/ -- BlueMountain Capital Management, LLC ("BlueMountain"), a private diversified alternative asset management firm, today issued an open letter to Shareholders of PG&E Corporation saying it plans to announce a "New Slate" of Board Members by no later than February 21. The Board Election will be held at the Annual Shareholder Meeting, slated for May 21.
"The Current Board has not only failed the Company and its shareholders; it has failed its customers; it has failed its employees; and, it has failed the people of California," reads the letter. "The Company has lost the public's trust, and it has severely damaged its relationship with regulators and elected officials."
"A publicly regulated utility needs a strong working partnership with the public sector. In order to rebuild essential relationships and restore trust, the Company needs an entirely new board," the letter continues. "We expect the New Slate would insist the Company work collaboratively with the state of California and its citizens to transform the Company."
"The Current Board has chosen to do just the opposite. As you are undoubtedly aware, the Current Board announced their intention to file a voluntary, costly, and unnecessary bankruptcy, which, in our view, violates their fiduciary duties to the Company and to you."
"We plan to nominate a New Slate that will provide appropriate oversight and ensure the Company has a strong and experienced management team, a strategy to address its challenges, and an effective implementation plan," the letter says.
The full text of the letter can be viewed on BlueMountain's website here: https://www.bluemountaincapital.com/what-is-new/
About BlueMountain Capital Management, LLC
BlueMountain Capital Management, LLC ("BlueMountain") is a diversified alternative asset management firm managing approximately $19 billion of assets. BlueMountain's diverse team of professionals in New York and London is supported by the firm's institutionalized and proprietary infrastructure, including specialized operations and risk management technology. For more information about BlueMountain, please visit: www.bluemountaincapital.com
Media Contact:
Tom Vogel
Dukas Linden Public Relations
(646) 808-3663
[email protected]
PG&E Stakeholder Contact:
[email protected]
SOURCE BlueMountain Capital Management, LLC
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