PRESS RELEASES 2005
FOR IMMEDIATE RELEASE
September 22, 2005
ISSUED BY:   Corporate Communications 1-800-743-6397

PG&E CORP. NAMES PETER DARBEE TO SUCCEED ROBERT GLYNN, JR. AS CHAIRMAN; THOMAS KING TO SUCCEED GORDON SMITH AS UTILITY PRESIDENT AND CEO

(San Francisco) – PG&E Corporation (NYSE: PCG) has elected President and Chief Executive Officer Peter A. Darbee to the additional position of Chairman of the Boards of Directors for the Corporation and its utility unit, Pacific Gas and Electric Company. Also, Pacific Gas and Electric Company Executive Vice President and Chief Operating Officer Thomas B. King has been elected to become the utility’s President and Chief Executive Officer, as well as a member of the Pacific Gas and Electric Company Board of Directors. The appointments are effective January 1, 2006.

Darbee, 52, has been the Corporation’s President and CEO since January 1, 2005, leading the completion of the company’s financial restoration and helping to drive efforts in the Corporation’s utility business aimed at strengthening operations and service to customers. As Chairman, Darbee will succeed Robert D. Glynn, Jr., 62, who will retire at year end in keeping with plans he announced last December.

King, 43, will succeed Gordon R. Smith, 57, who is leaving the company at the end of the year. King will also become a Senior Vice President of PG&E Corporation. As Executive Vice President and COO, King has been spearheading the utility’s major initiative to transform its operations and deliver better, faster and more cost-effective service.

“Peter and Tom have provided outstanding leadership in their current roles,” said Glynn. “Today’s announcements represent the next logical step for our company. Peter and Tom, with their talent and energy, are well suited to drive the continued growth of the Corporation and its core business and to succeed in the many opportunities we have to deliver value for shareholders and customers,” said Glynn. “We extend our sincere appreciation and gratitude to Gordon Smith for his 35 years of dedicated service to PG&E, including his leadership as CEO and a director since 1997. He has been instrumental in PG&E achieving the solid position it is in today.”

Darbee joined PG&E Corporation as Senior Vice President and Chief Financial Officer in 1999. His prior experience includes senior executive positions in the telecommunications industry, where he served as 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 energy and telecommunications group. He also held positions at Salomon Brothers and AT&T.

“As Chairman and previously as CEO, Bob Glynn expertly guided PG&E through one of the most demanding periods of change in the industry’s history,” said Darbee. “The strength and stability of our company today are a direct result of his contributions. I’m honored to lead the Boards as we work together with our management team to continue strengthening PG&E’s business for the benefit of its customers and shareholders.”

Darbee holds a 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. He is a member of the Financial Executives Institute and is also a member of the Committee on Jobs, in San Francisco.

In his current role, King has directed the utility's operations for gas and electric transmission and distribution, electric generation (including nuclear operations), customer service, customer revenue transactions, general services, internet services, business development, and rates and account services. King joined PG&E Corporation in 1998 as President and Chief Operating Officer of PG&E Gas Transmission. In late 2002, he was given the assignment to lead the Corporation’s PG&E National Energy Group unit as it prepared for its restructuring. Following that assignment, King continued in his role as Senior Vice President of PG&E Corporation, before joining Pacific Gas and Electric Company in late 2003.

“It’s an honor to be named to lead Pacific Gas and Electric Company at one of the most exciting times in our history,” said King. “Pacific Gas and Electric Company is in a solid position today and is using that platform to initiate bold steps to better serve our customers, including significant new investments in technology and infrastructure. I look forward to continuing that work and helping our company build on its proud history of service.”

Earlier, King held several senior executive positions at major firms in the wholesale natural gas industry, including Kinder Morgan Energy Partners, where he was President and Chief Operating Officer. King holds a bachelor's degree in business administration from Louisiana State University and is a graduate of University of Michigan's Executive Management Program. He has also completed the Nuclear Reactor Technology Program at the Massachusetts Institute of Technology.

Smith has led Pacific Gas and Electric Company as President and Chief Executive Officer since 1997. Previously, he served for six years at Chief Financial Officer. He joined the company in 1970 as a financial analyst and has held a number of executive financial positions, serving as Treasurer, Vice President of Finance, and Senior Vice President. He is also a director of the California Chamber of Commerce and the Bay Area Council, and he is a trustee of the Monterey Bay Aquarium. Smith holds a bachelor's degree from the Haas School of Business at the University of California at Berkeley and an M.B.A. from the McLaren School of Business at the University of San Francisco.


 

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