PG&E Extends CEO Offer Letter and Declares Dividend Increase

On November 29, 2024, PG&E Corporation filed an 8-K report with the Securities and Exchange Commission, detailing key updates affecting the company’s operations. Among the significant disclosures was the extension of the CEO’s offer letter.

The amendment pertains to the offer letter of Patricia K. Poppe, the Chief Executive Officer of PG&E Corporation, originally dated November 13, 2020. The extension elongates the term of the agreement through January 4, 2031. The report confirms that the terms of the original offer letter will remain effective, with Poppe’s compensation to be evaluated annually, subject to market review and approval by the independent members of PG&E Corporation’s Board of Directors.

Furthermore, it was announced that on the same day, PG&E Corporation approved a fourth-quarter 2024 regular cash dividend of $0.025 per share on its common stock, marking a $0.015 per share increase. Shareholders of record as of December 31, 2024, will receive the dividend on January 15, 2025.

In addition to the dividend declaration, PG&E Corporation management provided dividend guidance with plans to recommend consistent increases aiming for a dividend payout ratio of about 20% of non-GAAP core earnings per share by 2028. This strategy aligns with the company’s capital allocation objectives concerning dividend payments and investments in emerging utility industry trends.

PG&E Corporation also affirmed its earnings guidance, with projections for 2024 non-GAAP Core Earnings Per Share (EPS) ranging between $1.34 and $1.37. The forecast for 2025 includes non-GAAP Core EPS figures of $1.47 to $1.51, indicating a 10% year-over-year growth at the midpoint. Following these immediate future results, PG&E Corporation expects a minimum 9% growth in non-GAAP Core EPS for the years 2026, 2027, and 2028.

Investors and stakeholders are reminded of the cautionary statement concerning forward-looking statements included in the 8-K report. The document highlights that actual results may deviate from predictions due to various risks and uncertainties inherent in the business environment. PG&E Corporation and its utility subsidiary will continue to comply with reporting requirements and strive for transparency in disclosing future developments.

The complete details of the modifications to the CEO offer letter and the dividend declaration can be found in the official documents submitted to the Securities and Exchange Commission. Investors are encouraged to refer to these filings for comprehensive information regarding PG&E Corporation’s current and anticipated financial strategies.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PG&E’s 8K filing here.

About PG&E

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.