PRESS RELEASES 2004
FOR IMMEDIATE RELEASE
December 15, 2004
ISSUED BY:   PG&E Corporation, 1-800-743-6397

PETER A. DARBEE TO SUCCEED ROBERT D. GLYNN, JR. AS PG&E CORP. PRESIDENT AND CEO; CHRISTOPHER P. JOHNS TO BECOME CFO

San Francisco -- PG&E Corporation (NYSE: PCG) today appointed Peter A. Darbee as President and Chief Executive Officer effective January 1, 2005. Darbee, 51, currently Senior Vice President and Chief Financial Officer, will succeed Robert D. Glynn, Jr. Glynn, 61, will continue as Chairman of the Boards of PG&E Corporation and its utility unit, Pacific Gas and Electric Company, through the end of 2005 and then retire as an employee and a director. Darbee was also elected a member of the Boards of Directors for the Corporation and Pacific Gas and Electric Company. The Corporation named Christopher P. Johns, 44, to succeed Darbee. Johns, currently Senior Vice President and Controller, will become Senior Vice President, Chief Financial Officer and Controller. Also today, the Corporation named Linda Y.H. Cheng as Vice President and Corporate Secretary. The appointments are effective on January 1, 2005.

“PG&E Corporation’s strong financial condition and positive outlook provide an excellent climate for this transition,” said Glynn. “Peter Darbee’s broad career experience, including his participation in the design and execution of the financial restructuring of Pacific Gas and Electric Company, make him the ideal candidate to lead PG&E Corporation,” he added.

Darbee joined PG&E Corporation as Senior Vice President and Chief Financial Officer in 1999. Previously, he was Vice President and Chief Financial Officer of Advance Fibre Communications Inc. (AFC), a telecommunications manufacturer of digital loop carrier systems. Before joining AFC, he was Vice President, Chief Financial Officer and Controller of Pacific Bell. Earlier, he was an investment banker with Goldman Sachs, where he was Vice President and co-head of the company’s energy and telecommunications group. He also held positions at Salomon Brothers and AT&T.

“It’s an honor to lead the company as it begins a new era,” said Darbee. “We have a strong foundation and tremendous opportunities to deliver for customers, shareholders and employees. A number of major challenges are behind us. Electric industry restructuring and the crisis in California created some of the most difficult issues any chief executive in our business has ever confronted. Bob Glynn steered the company through the storm successfully. Our business environment is more stable than it has been in a long time. Our customers’ electric rates are significantly lower than they were at this time last year. And our employee teams’ energy is focused on satisfying customers with continuously improving service and efficiency in our core utility business.”

Darbee earned his bachelor’s degree in economics from Dartmouth College and an M.B.A. from the Amos Tuck School of Business at Dartmouth. He has completed the Nuclear Reactor Technology Program at the Massachusetts Institute of Technology, and is a member of the Financial Executives Institute. He is also a member of the Committee on Jobs, in San Francisco, and previously served as Chairman of the Board of the Head Royce School in Oakland.

Robert D. Glynn, Jr., joined Pacific Gas and Electric Company in 1984. He became Chief Executive Officer of PG&E Corporation on June 1, 1997, and Chairman of the Board of both companies on January 1, 1998. Earlier, Glynn held positions at Long Island Lighting Company and Woodward-Clyde Consultants.

A native of Orange, New Jersey, Glynn received his bachelor’s degree in mechanical engineering from Manhattan College and a master’s degree in nuclear engineering from Long Island University. He attended programs at Harvard Business School and the University of Michigan Business School. Glynn is a member of the Business Council, the California Business Roundtable, the California Commission for Jobs and Economic Growth, and the Board of Governors of the San Francisco Symphony.

Christopher P. Johns has extensive experience in the financial sector of the energy industry and is responsible for managing the financial planning, accounting and tax activities of the Corporation as well as providing oversight for the company's investor relations function. He also serves as the Corporation’s Chief Risk Officer.

He joined Pacific Gas and Electric Company in 1996 as Vice President and Controller, and became Controller of PG&E Corporation when it was formed in January 1997. Later that year, he was promoted to Vice President and Controller. Johns was named Senior Vice President and Controller in September 2001. Before joining PG&E Corporation, Johns was a partner of KPMG Peat Marwick LLP.

Johns earned a bachelor's degree in accounting from the University of Notre Dame, and is a Certified Public Accountant in the states of California and Florida.

Linda Y.H. Cheng has been Corporate Secretary for PG&E Corporation and Pacific Gas and Electric Company since 2001. She joined the company in 1989 as an attorney in the law department. In 1996, she became Assistant Corporate Secretary for PG&E Corporation and Senior Assistant Corporate Secretary for Pacific Gas and Electric Company. She graduated from Stanford University with a bachelor’s degree in political science, and she earned her J.D. at Stanford Law School. Cheng is a member of the California Bar Association.


 

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