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.
NAMED TO LEAD PACIFIC VENTURE CAPITAL, LLC
San Francisco - PG&E Corporation
(NYSE: PCG) today named Bryant J. Tong, 45, as President and Chief
Executive Officer of Pacific Venture Capital, LLC, and Senior Vice
President of PG&E Corporation. The Corporation announced the appointment
concurrent with the launch of Pacific Venture Capital, LLC, a newly
created business unit that will build and manage a portfolio of
strategic capital investments in growing energy and telecommunications
"Bryant Tong brings experience,
talent and a successful track record to Pacific Venture Capital,"
said PG&E Corporation Chairman, CEO and President Robert D. Glynn,
Jr. "We are very pleased to be launching this new venture under
Tong brings to his new post
more than 23 years of experience. He joins PG&E Corporation from
ReSourcePhoenix.com, a company that pioneered the use of the Internet
to help businesses manage financial and accounting operations. Tong
was President and Chief Operating Officer for ReSourcePhoenix.com
and a member of its Board of Directors.
Prior to his experience
at ReSource Phoenix, Inc., Tong served in a series of senior management
positions with Phoenix American, Inc. There, Tong served on the
Executive Credit Review Committee of Phoenix Growth Capital (PGC).
PGC invested in over 200 venture capital-backed companies by providing
venture lease financing. As a member of the Credit Review Committee,
Tong reviewed the business plans, management teams and financial
information of these prospective portfolio companies.
Tong's career also includes
a Partnership Controller position with the Robert McNeil Corporation
and more than four years as an auditor with Ernst and Young.
A native of San Francisco,
California, Tong earned a Bachelor of Science degree in accounting
from the University of California at Berkeley. Tong also is a member
of the California Society of Certified Public Accountants, the American
Institute of CPAs, and is on the board of directors and is treasurer
for the Investment Program Association.
Tong reports to PG&E Corporation
Senior Vice President and Chief Financial Officer Peter A. Darbee.
PG&E Corporation, with 1999
operating revenues of almost $21 billion and operations in 21 states,
markets energy services and products throughout North America through
its National Energy Group. PG&E Corporation's businesses also include
Pacific Gas and Electric Company, the Northern and Central California
utility that deliver natural gas and electricity to one in every