EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
LEROY T. BARNES,
JR., NAMED PG&E CORP. VICE PRESIDENT AND TREASURER
(San Francisco, CA)- PG&E
Corporation (NYSE: PCG) announced Leroy T. Barnes, Jr., 50, has
joined the company as Vice President and Treasurer. Mr. Barnes brings
to his new position more than 20 years of financial management experience
and expertise, including, most recently, five years as vice president
and treasurer of Gap, Inc. In his new post, Mr. Barnes will oversee
all treasury operations at the Corporation, which is the parent
company of both Pacific Gas and Electric Company and the PG&E National
"Mr. Barnes's talent and
track record make him an excellent addition to our officer team,
and will position him to make an immediate contribution as PG&E
Corporation manages the financial challenges associated with the
energy crisis," said Robert D. Glynn, Jr., PG&E Corporation Chairman,
CEO and President. "We are pleased to welcome him aboard."
At Gap, Inc., Mr. Barnes
oversaw all treasury functions, including cash management, debt
financing, equity issuance, capital structure, and commercial paper,
hedging and investment policies, among other areas. He led Gap's
first major public debt issue and managed the Gap's $1 billion common
stock repurchase program.
Prior to joining Gap, from
1985 through 1997, Mr. Barnes held a number of financial management
positions at Pacific Telesis Group/SBC Communications, including
Assistant Treasurer from 1991 through 1997. His experience also
includes positions at the University of California Press, where
he was Chief Operating Officer and Chief Financial Officer, and
Deloitte & Touche, where he was a management consultant. Mr. Barnes
has also been a financial consultant to the U.S. Departments of
Treasury, Agriculture and Defense.
Mr. Barnes is an alumnus
of Stanford University, where he earned an MBA in finance, a master's
degree in administration and a bachelor's degree in psychology.
He currently is a member of the boards of directors of the McClatchy
Newspaper Company and The California Endowment.