NEWARK, NJ — PSEG announced April 19 that Ralph Izzo, chairperson, president and CEO, will retire from the company. The PSEG board of directors has elected Ralph LaRossa, chief operating officer, as president and CEO effective Sept. 1, 2022. Izzo will serve as executive chairperson of the board effective Sept. 1 until his retirement on Dec. 31. Izzo will continue to lead the board and work closely with LaRossa, who will assume the additional responsibilities of chairperson on Jan. 1, 2023.
“It has been an honor and a privilege to serve as CEO for the last 15 years,” Izzo said. “I started my career with PSEG 30 years ago because I saw the possibilities to shape a future where customers use less energy, the energy they use is cleaner than ever before, and (the energy is) delivered with reliability unsurpassed in our history while adding shareholder value. Our focus as a company has evolved from delivering electricity and gas to enhancing lives and communities. As corporate citizens, we have a responsibility and obligation to stand up for the equitable treatment of our employees, our customers, and the many diverse communities we serve. Throughout my career, I have endeavored to put the company, our communities and the planet on a sustainable path. I am proud of the accomplishments our 12,500 strong workforce has made.”
Izzo has been with PSEG for nearly 30 years and has been CEO for 15.
“It cannot be overstated how significant an impact Ralph Izzo has had on PSEG over the past 15 years as CEO,” said Shirley Ann Jackson, PSEG’s retiring lead director. “Ralph is a visionary leader, whose passion for clean energy has been the driving force of his career, shaping PSEG’s purpose, culture and transformation. He is a highly respected and influential clean energy voice here in New Jersey and globally. All of this, coupled with his relentless focus on customers, communities and a commitment to building a strong, diverse talent pipeline have strengthened the company and positioned PSEG well for the future.
“The board of directors has led a robust leadership succession planning effort and today’s announcement reflects the unanimous support of Ralph LaRossa as the next CEO. We are confident that Ralph will pick up the reins in September and continue to successfully guide the company along the path that he helped Ralph Izzo build,” Jackson continued.
Susan Tomasky, designated to succeed Jackson as lead director, said, “Ralph LaRossa’s track record showcases his talent in developing and executing business strategy, identifying and leading the implementation of investment priorities across the enterprise, as well as his deep commitment to employees and workforce development. I look forward to his leadership and continuing to work with him in the future in this new role.”
“For almost 20 years Ralph LaRossa and I have worked side-by-side building out PSEG’s vision,” Izzo said. “With our Powering Progress vision, mission and strategy firmly in place, I am truly excited about the future prospects for PSEG under Ralph LaRossa’s leadership.”
“I am honored and humbled by the confidence that the board and Ralph Izzo have placed in me,” LaRossa said. “My goal is to carry on the vision and strategy that Ralph Izzo has built with our leadership team. With a focus on developing our workforce of the future, I look forward to powering progress for all of the diverse stakeholders and communities we serve.”