For First Time, PG&E Names Outsider as CEO

PG&E Corp. on Monday named Anthony Earley as the utility's new CEO, the first time in the company's history that an outsider will take over the position.

Earley, 62, was the head of Detroit-based DTE, and he comes to PG&E at a time when it confronts regulatory scrutiny for its pipeline safety and more than 85 lawsuits for the Sept. 9, 2010, pipeline explosion, which left eight people dead, more than 50 people injured, 38 homes destroyed and 62 homes damaged.

“He brings experience, he brings credibility, he brings a track record and he’s well-liked by investors,” Andrew Levi, an analyst for Caris & Co. in New York, told Bloomberg. “PG&E is really looking for somebody to restore credibility, restore investor confidence, restore consumer confidence and restore regulator confidence.”

Bloomberg also reports that Earley will be paid $4.26 million for the remainder of the year and a one-time $1.5 million bonus, which he will have to pay back if he doesn't stay in the job for three years. Bloomberg reports that he earned $8.5 million at DTE in 2010.

PG&E said Earley will start on Sept. 13. He replaces Peter Darbee, who .