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PSEG Shakes Up Staff While Shaking Off Failed Exelon Bid

Newark-based Public Service Enterprise Group (PSEG) has made a series of management and organizational changes, including the naming of new presidents for four businesses: PSEG Energy Holdings, PSEG Global, PSEG Energy Resources & Trade and PSEG Services. The company also is restaffing positions that went unfilled in anticipation of its merger with Exelon, now aborted.

The newly named business leaders are:

Ralph Izzo, who became president and COO of PSEG on Oct. 1., was also elected to PSEG's board of directors and is positioned to become CEO upon the retirement of E. James Ferland, now planned for March 31, 2007.

The changes represent the first major step in restaffing PSEG following the termination in September of its plan to merge with Exelon (see Daily GPI, Nov. 27; Sept. 15). At that time, PSEG had about 800 open positions, due to retirements or resignations, and it currently expects to fill 60% of the vacancies over the next several months, preserving many of the efficiencies that the company gained in anticipation of the merger, Izzo said.

There are 18 newly named vice presidents. "Several of them are replacing officers who delayed planned retirements to help keep the company functioning extremely well during the 21-month merger process," Izzo said.

Except for those replacing employees retiring early next year, the executives assume their new responsibilities Monday, Dec. 11.

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