PG&E CEO steps down as company faces possible bankruptcy

PG&E Corp CEO and President Geisha Williams speaks onstage at the Fortune Most Powerful Women Summit - Day 2 on October 10, 2017 in Washington, DC. (Paul Morigi/Getty Images for Fortune)

PG&E announced Sunday they are searching for a new CEO after the departure of Geisha Williams.

This comes amid rumors that the power company could soon file for bankruptcy.

RELATED: PG&E reportedly exploring selling gas assets to cover possible wildfire payouts if found guilty

In the meantime, John Simon will serve as Interim Chief Executive Officer.

Simon has been with the company since 2007, and served as the Executive Vice President and General Counsel since 2017.

RELATED: Angry protest held over PG&E wildfire plans

PG&E has been under scrutiny, and blamed by some, for the deadliest wildfire season in modern California history.

Read more articles about PG&E here.

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PG&E's stocks on Tuesday tanked after reports of massive liabilities from last year's wildfires. Standard & Poor's cut their credit rating to junk status as the utility company faces the possibility of bankruptcy.

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