- Push-out Score determined
- After around 15 years in the position
- Accolades and praise for Izzo
- Ralph LaRossa taking over
- Izzo spoke at length and said 177 words
(exechange) — Newark, New Jersey, April 19, 2022 — Ralph Izzo, chief executive of PSEG, leaves his position. As announced by Public Service Enterprise Group Inc. in a news release and in a regulatory filing published on Tuesday, April 19, 2022, Ralph Izzo leaves his post as chief executive officer at the power company, after around 15 years in the role, effective August 31, 2022.
It is the end of an era.
Izzo leaves the company effective December 31, 2022.
Ralph Izzo’s duties as CEO will be taken over by Ralph A. LaRossa, currently chief operating officer at Public Service Enterprise Group Inc.
“Planned leadership succession”
Ralph Izzo’s departure from the CEO post is explained as follows. PSEG said: “As part of a planned leadership succession process, the PSEG Board of Directors elected Ralph LaRossa, chief operating officer, as president and chief executive officer effective September 1, 2022.”
Precise information regarding Ralph Izzo’s future plans was not immediately available.
PSEG said: “Ralph Izzo, chair, president and CEO, will retire from the company. His last day will be December 31, 2022.”
PSEG further said: “Ralph Izzo, PSEG’s President and Chief Executive Officer (CEO) and the Chair of PSEG’s Board of Directors (the Board) will retire from PSEG, with his last day as President and CEO being August 31, 2022, and his last day as a director being December 31, 2022.”
Share price increase since April 2017
The announcement follows an increase in Public Service Enterprise Group Inc.’s share price of 64% since April 2017.
In the position of CEO since 2007
Ralph Izzo became CEO of the Company in 2007.
Izzo will serve as executive chair of the board effective September 1 until his retirement.
He will continue to lead the board and work closely with LaRossa in support of a smooth succession and continue his keen focus on energy policy matters.
LaRossa will assume the additional responsibilities of chair on January 1, 2023.
Ralph Izzo has been chairman and chief executive officer of Public Service Enterprise Group Incorporated (PSEG) since April 2007.
He has been the company’s president and a member of the board of directors of PSEG since October 2006.
Previously, Izzo was president and chief operating officer of Public Service Electric and Gas Company (PSE&G).
Since joining PSE&G in 1992, Izzo has held several executive positions within PSEG’s family of companies, including PSE&G senior vice president – utility operations; PSE&G vice president – appliance service; PSEG vice president – corporate planning; and PSE&G vice president – electric ventures.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ralph Izzo’s move on a scale of 0 to 10.
exechange reached out to PSEG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 17.2022 ($).