8-K
filed April 19, 2022, 7:59 PM ET
ticker PEG
CIK 0000788784
leadership
confidence high
sentiment neutral
materiality 0.55
PSEG CEO Ralph Izzo to retire; COO Ralph LaRossa named successor effective Sept 1, 2022
PUBLIC SERVICE ENTERPRISE GROUP INC
- Ralph Izzo retires as President/CEO Aug 31, 2022; becomes executive chair with unchanged comp through Dec 31, 2022.
- Board elected COO Ralph LaRossa as President/CEO effective Sept 1, 2022; to become board chair Jan 1, 2023.
- LaRossa’s new comp: base salary $1.25M, target annual incentive 130% of base, supplemental LTI $4.85M.
- Izzo’s 15-year CEO tenure: TSR ~10% annualized; PSEG extended dividend record to 115 consecutive years.
- LaRossa previously led PSE&G, COVID-19 response, fossil divestiture, and offshore wind strategy development.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ralph Izzo retired as Chair of the Board at PUBLIC SERVICE ENTERPRISE GROUP INC.
- Action
- retired
- Role
- Chair of the Board
Exact text from the filing
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.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ralph Izzo changed role as executive chair at PUBLIC SERVICE ENTERPRISE GROUP INC.
- Action
- retiring
- Role
- executive chair
Exact text from the filing
Pursuant to a letter agreement entered into on April 18, 2022, Mr. Izzo will serve as executive chair of the Board effective September 1, 2022, until his retirement from the Board, and during such period his compensation will be unchanged.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ralph A. LaRossa changed role as chair of the Board at PUBLIC SERVICE ENTERPRISE GROUP INC.
- Action
- assumed
- Role
- chair of the Board
Exact text from the filing
He will assume the additional responsibilities of chair of the Board on January 1, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ralph A. LaRossa was elected as President and Chief Executive Officer at PUBLIC SERVICE ENTERPRISE GROUP INC.
- Action
- elected
- Role
- President and Chief Executive Officer
Exact text from the filing
Also on April 18, 2022, the Board elected Ralph A. LaRossa, currently PSEG’s Chief Operating Officer, to succeed Mr. Izzo as President and CEO effective September 1, 2022.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ralph A. LaRossa was appointed as Director at PUBLIC SERVICE ENTERPRISE GROUP INC.
- Action
- appointed
- Role
- Director
Exact text from the filing
By operation of PSEG’s by-laws, Mr. LaRossa will also join the Board when he becomes President on September 1, 2022.
View on SEC.gov
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