Ralph Izzo, the longtime leader of Public Service Enterprise Group Inc., will later this year pass the baton at the New Jersey-based utility to his top lieutenant.
Izzo, 64, has led PSEG since April 2007, when he took the helm after holding a number of senior roles at the holding company and its main subsidiary, Public Serviced Electric & Gas Co. He will on Sept. 1 cede the president and CEO titles to Ralph LaRossa, PSEG’s COO, and will remain executive chair of the company’s board until retiring at year’s end.
“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,” said Dr. Shirley Ann Jackson, PSEG’s retiring lead director. “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.”
After starting his career as a research scientist at the Princeton Plasma Physics Laboratory, Izzo began working at PSE&G in 1992 and rose to be, among other things, its vice president of corporate planning, VP of appliance service and senior VP of utility operations. He was named president of the parent company in October 2006 before being promoted to the top job less than a year later.
During his time at PSEG’s helm, Izzo led an investment plan that helped the company modernize its infrastructure and lower its carbon emissions from power generation by 98% since 2005, a plan that included the retirement of 11,000 megawatts of fossil generation assets. The company last year produced an adjusted operating profit (accounting for the sale of its Fossil assets) of more than $1.8 billion on revenues of $9.7 billion.
“For almost 20 years, Ralph LaRossa and I have worked side-by-side building out PSEG’s vision,” Izzo said in a statement. “I am truly excited about the future prospects for PSEG.”
During his more than three decades at PSEG, LaRossa has overseen all of the company’s operating businesses. As COO, he led its response to COVID-19 and handled the divestiture of its Solar Source and Fossil businesses as well as the development and execution of its offshore wind strategy.
“My goal is to carry on the vision and strategy that Ralph Izzo has built with our leadership team,” LaRossa said. “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.”
Shares of PSEG (Ticker: PEG) rose nearly 1% to $73.08 April 19. Over the past six months, they have risen 15%, growing the company’s market capitalization to nearly $37 billion.
