TURN Statement on PG&E Shareholders Paying for Darbee’s Retirement

PG&E’s shareholders shouldering Darbee’s retirement

For Immediate Release From The Utility Reform Network

TURN, The Utility Reform Network, said that PG&E’s decision for shareholders, not customers, to cover the cost of CEO Peter Darbee’s lavish retirement package, was appropriate and a step in the right direction.

"This is a victory for TURN and all other consumer representatives and concerned officials who spoke out against ratepayers picking up the tab for Darbee’s deluxe retirement," said TURN executive director Mark Toney. "Mr. Darbee’s tenure has been a disaster for customers that has already cost shareholders millions and will apparently continue to cost them for many years to come."

Toney said TURN hoped to see shareholders absorb more of the costs of PG&E’s excessive executive pay in the future. "Customers have been paying for PG&E’s executive perks for too long," he said. "The costs of excessive compensation and benefits for executives should be borne by shareholders not customers."