Find SCEcorp’s maneuvering for San Diego Gas & Electric confusing? Consider the Pignatelli family, where you can’t tell the utility business players without a score card.
For starters, there’s Joseph B. Pignatelli, a Lakeside resident who retired about 10 years ago after a 40-year career with SDG&E.; Then there are Pignatelli’s sons--James S., chief executive officer of SCE’s Mission Energy subsidiary, and Robert, who has worked for SDG&E; for about 10 years.
According to a state Public Utilities Commission filing, James S. Pignatelli, “acting on his own behalf,” recently acquired 100 shares of SDG&E; stock. SCE maintained that James S. Pignatelli has “a personal interest in the welfare of the SDG&E; shareholders” because his father, Joseph B. Pignatelli, holds 3,200 shares of SDG&E; common.
James S. Pignatelli “wants to protect that asset and believes the best way to do that is to see the SCEcorp proposal to succeed,” according to SCE’s filing.
“All I know (about the proposed mergers) is what I read in the papers,” Joseph B. Pignatelli said Monday. “I’d hope that he’s looking out for his family’s best interest . . . (and) the company’s interest. Actually, it would be his own best interest, too, because he’d inherit (some of) what I’ve got.”
It was uncertain Monday afternoon if Joseph Pignatelli owns any SDG&E; shares. However, most SDG&E; employees own at least some utility stock through the company’s employee stock ownership program.