PG&E Corp. to Announce New CEO 'Very Soon'

Morningstar is reporting that PG&E Corp. is getting ready to announce a new CEO "very soon" to replace Peter Darbee, who abruptly retired in April.

Lee Cox, interim chairman of PG&E Corp., the parent company of Pacific Gas & Electric Co., disclosed the development on a recent investor call about the company's second-quarter earnings.

Cox offered no other details about whom might fill the position, Morningstar reported, but he did say the board was looking to hire a CEO with experience in energy or utility operating and regulatory matters.

Darbee on April 30, citing a "challenging year" that included the Sept. 9, 2010, pipeline explosion in San Bruno's Crestmoor neighborhood. The blast left eight people dead and 38 homes destroyed and forever changed the lives of an entire neighborhood. PG&E has since been under immense scrutiny as investigations have revealed defective welds in its pipeline system, faulty records and a management culture that has allowed multiple shortcomings.

Meanwhile, PG&E's second-quarter profits rose 8.3 percent, bolstered by two rate cases that were settled that allowed the utility to collect more revenue from its customers, according to media reports.

Profits were higher despite spending $189 million dealing with the aftermath of the Sept. 9 fire. According to the San Francisco Chronicle, the company still expects to spend between $350 million and $550 million this year on work related to the blast and more than $50 million to pay for lawsuits related to the blast.