California wildfires

PG&E names new CEO and overhauls board

Bill Johnson. Photo: PG&E

Bill Johnson, the outgoing CEO of government-owned utility Tennessee Valley Authority, will step in as the new CEO of PG&E, the company said on Wednesday. The California utility will also appoint 10 new board members, while 7 others will step down.

Why it matters: PG&E filed for bankruptcy earlier this year, anticipating hefty liability costs for its potential role in the deadly 2018 Camp Fire. The company's troubles have caught the attention of activist hedge fund BlueMountain Capital, which proposed its own slate of board members, and California Gov. Gavin Newsom, who slammed an earlier proposal of new board members as primed with "hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety."

Flooding's national security risk

Illustration: Rebecca Zisser/Axios

In just the past 12 months, Nebraska floods, Carolina and Florida hurricanes and California wildfires have put military installations in peril, ravaging buildings and doing billions in damage.

The big picture: The national security consequences of climate change, mainly through extreme weather events, are here and now, Axios Science editor Andrew Freedman emails.